The projects include the Blanquilla BESS Project, the Aransas Pass Project, the Nash Project and the Wallis Project. Collectively, the projects represent approximately 230 MW / 920 MWh of battery energy storage capacity, have been selected for conversion onto the FPUSA platform under the parties' strategic framework, and are expected to utilize Eos Energy Enterprises, Inc. Z3 long-duration batteries.
Closing remains contingent upon the successful closing of Eos's recently announced rights offering.
The selected projects represent the first projects to advance under the previously announced strategic framework between FPUSA and Stella, which established a path to convert Stella's late-stage development pipeline of more than 2 GWh of BESS projects onto the FPUSA platform, with Stella serving as FPUSA's designated execution partner.
The selected project portfolio is expected to utilize FPUSA's previously announced 2 GWh capacity reservation agreement with Eos, with a focus on further advancing the deployment of American-made long-duration storage infrastructure across ERCOT. Upon execution of definitive agreements, FPUSA will fund 100% of construction equity to the projects, with Stella serving as the designated execution partner through to commercial operation.
FPUSA's equity capital base is anchored by the previously announced commitment from funds and accounts managed by Cerberus Capital Management ("Cerberus") and is expected to be further supported by the previously announced investment from Hudson Bay Capital and proceeds from the rights offering. FPUSA is working with KKR Capital Markets under its previously announced commitment to support the structuring of long-term project financing across the platform.
