HOUSTON – July 28, 2023 – Broad Reach Power today announced it has closed $435 million in credit facilities to support the construction of 7 stand-alone energy storage projects totaling 880 MW of capacity in Texas and California. The Battery Energy Storage System (BESS) projects are currently under construction with expected commercial operation dates ranging from late 2023 through Q1 2024.
“Through this industry-leading financing, these projects will add reliability and resiliency to the power grid,” said Stacey Peterson, Chief Executive Officer of Broad Reach Power. “It’s a great day for energy transition and for our team at Broad Reach Power.”
The projects include 825 MW in ERCOT and 55 MW in CAISO.
“Broad Reach Power is proud to be on the forefront of financing this new asset class, highlighting our portfolio of projects that have been meticulously developed by the team over the last several years as well as the confidence in our team’s ability to construct and operate quality BESS projects,” Peterson continued. “We look forward to constructing the rest of our development portfolio economically, allowing further renewables integration and providing relief to the country’s often strained transmission systems.”
Broad Reach Power assembled a financing consortium for this financing, led by Deutsche Bank AG, New York Branch, and including Coordinating Lead Arrangers and Co-Syndication Agents Deutsche Bank AG, New York Branch; MUFG Bank Ltd.; Norddeutsche Landesbank Girozentrale, New York Branch. The Joint Lead Arranger was First-Citizens Bank & Trust Company with Depositary Bank, Collateral and Administrative Agent Deutsche Bank Trust Company Americas.
Broad Reach Power was represented by White & Case LLP and Paul Hastings LLP represented the lenders.
About Broad Reach Power
Broad Reach Power is the leading U.S. utility-scale battery storage platform. Based in Houston, Texas, the Company is backed by leading energy transition investors, EnCap Investments L.P., Apollo Global Management, Yorktown Partners and Mercuria Energy. The Company develops, owns and operates energy storage projects and hybrid storage-plus-renewables projects across diversified markets, providing utilities, generators and other power market participants solutions to better manage risk and match supply and demand. For more information about the Company, visit www.broadreachpower.com.
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