First Citizens Bank Serves Sole Bookrunner, Co-Lead Arranger on $150MM in Financing for Battery Energy Storage Projects

May 15, 2024, 07:10 AM

Filed Under: Energy

Related: Battery Storage, Energy Finance, First Citizens Bank

First Citizens Bank announced its Energy Finance business served as sole bookrunner and co-lead arranger on financings totaling more than $150 million for two Apex Clean Energy ("Apex") battery energy storage projects in Texas.

One project, Great Kiskadee Storage, is a 100MW/200MWh battery energy storage system owned by SA Grid Solutions (a joint venture of Apex, SK Gas, and SK Eternix) and under construction in Hidalgo County, Texas. The other, Angelo Storage, is a 100MW/200MWh battery energy storage system, also under construction, in Tom Green County, TX.

Both are expected to reach commercial operation by the third quarter of 2024. Bank United also served as co-lead arranger on the financings.

Founded in 2009 and headquartered in Charlottesville, VA, Apex Clean Energy focuses on the origination, construction and operation of utility-scale wind, solar and battery storage projects, distributed energy resources, and green fuel technologies.

"Battery storage is crucial to building a more resilient grid and enhancing the reliability and cost-effectiveness of renewable energy—ultimately enabling our mission to accelerate the shift to clean energy," said Ken Young, Apex Clean Energy CEO. "We greatly appreciated the industry knowledge and expertise of the First Citizens Energy Finance team in helping arrange these financings."

"Apex Clean Energy has a strong and growing reputation throughout the renewable energy industry for identifying attractive clean energy project opportunities and managing them to successful completion," said Mike Lorusso, Managing Director and group head for First Citizens Energy Finance. "It was a pleasure to work with them on this financing and we look forward to further opportunities to collaborate in the future."

First Citizens Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.