storage

Companies Sign $78.2M Loan for Energy Storage Facilities in California

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The North American Development Bank , Siemens Financial Services, Inc. and EnerSmart Storage, signed a $78.2 million loan facility to finance the design, construction, and operation of a portfolio of utility scale energy storage projects with a combined capacity of 165 megawatts in alternating current (MW[AC]) that will be constructed at nine sites located within San Diego County, California. This is the first reported project financing of fully merchant battery storage projects in the United States. 
Companies Sign $78.2M Loan for Energy Storage Facilities in California
Courtesy of EnerSmart

“NADBank is pleased to provide financing for this innovative operation that will increase energy efficiency and maximize the use of renewable energy while helping displace CO[2] emissions” stated the Bank’s Managing Director Calixto Mateos-Hanel.

He also highlighted, “As a development bank, NADBank has proven time and again that innovative financing of environmental projects in promising sectors is one of its core strengths. This energy storage project portfolio confirms the Bank continues to play a critical role in the development of sustainable infrastructure while tackling climate change and meeting the needs of the US-Mexico border.” 

“Similarly, Siemens is delighted to finance these energy storage facilities and praises EnerSmart in their strategic endeavors to supply critical battery infrastructure to the San Diego area,” said Jim Fuller, Head of Project Finance, Siemens Financial Services, Inc.

“We share the same commitment to sustainability and advancing decarbonization goals for our customers and their surrounding communities.”

The 165-MW[AC] energy storage portfolio will be capable of storing up to 330 MWh of electricity, the equivalent of supplying 110,000 customers for up to two hours. Annually, the projects are expected to charge and discharge approximately 87,650 MWh of energy. Electricity from the grid will be stored and delivered through existing transmission lines owned and maintained by San Diego Gas and Electric (SDG&E).

“We are excited to partner with NADBank and Siemens on this innovative project financing, providing EnerSmart with the requisite capital to complete our energy storage project development plans throughout San Diego County. 

"Their support and financing, coupled with the backing of our private equity sponsor, Yorktown Partners, will enable the continued growth and expansion of carbon-free, renewable energy to communities throughout the San Diego region” stated Co-CEO of EnerSmart Storage Holdings LLC, Marc La Magna.

The projects will provide energy and ancillary services and possibly resource adequacy to the California power grid. These products will be offered and purchased through the California Independent System Operator wholesale energy and ancillary services markets and may also be purchased in the form of resource adequacy agreements.

The projects will also help integrate electricity generated by intermittent renewable energy sources, such as solar and wind, and will also support a more reliable power grid, by minimizing power disruptions and reducing energy losses resulting from mismatches in supply and demand.

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