The transaction was structured as a tax equity investment with Greenprint Capital, a clean energy investment firm.
Alamo City BESS is a 120 megawatt/480 megawatt-hour battery energy storage project being developed by OCI Energy under a long-term Storage Capacity Agreement with CPS Energy, the nation's largest municipally owned electric and natural gas utility.
The closing of tax equity financing marks another major milestone in the project's progression, following the successful completion of construction financing in 2025 and the project's official groundbreaking last month.
“This tax equity transaction reflects the continued momentum behind Alamo City BESS and the strength of our project partnerships” said Sabah Bayatli, President, OCI Energy. “Securing this investment marks a critical step in executing the project's capital structure and underscores the confidence leading financial institutions have in both in OCI Energy and the Alamo City BESS project itself.”
Designed to deliver flexible, dispatchable energy, the Alamo City BESS will be capable of powering approximately 30,000 homes for up to four hours during periods of peak demand. Its four-hour discharge capability places it within a select group of long-duration storage assets in the ERCOT market, enabling sustained energy delivery when it is needed most.
“We're proud to partner with OCI Energy on Alamo City BESS, a project that advances critical energy storage infrastructure in ERCOT” said Ed Rossier, Managing Director of Investments at Greenprint Capital. “This transaction represents one of our first investments structured with the technology neutral Clean Electricity Investment Credit, and it underscores our focus on scaling tax-efficient capital solutions to finance dispatchable energy resources. We have strong conviction in OCI's ability to execute and in the long-term value and reliability of battery storage on the power grid.”
The project is supported by a consortium of experienced industry partners, including ING, which provided construction financing, LG Energy Solution Vertech as the battery technology provider, and Elgin Power Solutions as EPC contractor.
The Alamo City BESS is expected to enter commercial operation in 2027.
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