Macquarie Capital has closed $100m debt financing for a 243 megawatt-hour portfolio of energy storage projects in California.
The finance is contributing to an overall 315MWh battery development for Southern California Edison in the West Los Angeles Basin service territory.
The money will be used to back an existing 66MWh of storage and fund construction of a further 177MWh.
CIT Group was the lead investor in the refinancing, together with Rabobank and Sumitomo Mitsui Banking Corporation.
Macquarie Capital acquired the portfolio from AMS in August 2016 and both have been jointly developing and constructing the projects.
The projects are located at various large-load commercial, industrial and government sites in Los Angeles and Orange counties.
They will be used for utility grid services including flexible and reserve capacity, solar integration and voltage management, as well as retail energy services, such as demand management.
Macquarie Capital head of green energy Americas Chris Archer said: “We are pleased to secure the financing for the next phase of development for this innovative battery storage infrastructure project in Southern California.
“CIT has been an outstanding financing partner and believer in our track record of financing and developing distributed power assets and we are delighted to welcome new lenders to this growing asset class.”
CIT managing director and group head of the energy finance unit Mike Lorusso said: “CIT is proud to lead the financing of this landmark project, which demonstrates our ongoing commitment to supporting innovation and sustainable solutions in the energy sector.”
*An earlier version of this story carried an image that was wrongly attributed to IRENA. The image was provided by RES.