CORRECTING and REPLACING Broad Reach Power Closes $160 Million Project Financing on 18 Battery Energy Storage Projects
HOUSTON–(BUSINESS WIRE)–In headline and first paragraph, number should read $160 million (instead of $161 million). Also, company name in last paragraph should read Paul Hastings LLP (instead of Paul Hasting LLP).
The updated release reads:
BROAD REACH POWER CLOSES $160 MILLION PROJECT FINANCING ON 18 BATTERY ENERGY STORAGE PROJECTS
Broad Reach Power (“Broad Reach”), the leading utility-scale battery storage platform, which owns a 21 gigawatt (GW) portfolio of utility-scale battery storage and renewable power projects across the U.S., today announced it successfully closed a $160 million project financing for 17 operating battery energy storage systems in Texas and one in California.
Totaling 390 MWh, the projects being financed are front-of-the-meter, utility-scale assets using lithium-ion technology from a diverse pool of manufacturers.
Broad Reach develops and operates its battery storage projects to perform under an optimized revenue stack, which includes a combination of contracts, financial hedges and merchant capacity selling energy and ancillary services in the market.
Deutsche Bank AG, New York Branch and MUFG Bank Ltd. acted as Coordinating Lead Arrangers and Joint Bookrunners for the financing. MUFG acted as Administrative Agent and Deutsche Bank Trust Company Americas acted as Depositary Bank and Collateral Agent.
“Deutsche Bank and MUFG have both been great partners in leading this financing and we appreciate their support of Broad Reach’s efforts to lead the U.S.’s energy transition in battery storage development,” said Nitin Gupta, Senior Vice President, Finance and M&A at Broad Reach Power. “This is a marquee debt financing transaction in the battery storage sector, and we at Broad Reach look forward to advancing innovative ways to finance our large pipeline of projects.”
“Battery storage projects are an important pillar in ensuring a reliable and clean electric grid,” said Jeremy Eisman, head of Infrastructure & Energy Financing and Structuring at Deutsche Bank. “We are happy to have collaborated with Broad Reach on this landmark battery storage financing and look forward to supporting their continued growth.”
“Broad Reach has an outstanding platform for the development and ownership of BESS and renewable projects,” said Alex Wernberg, Managing Director and head of MUFG’s US Power project finance team. “For ERCOT, this portfolio provides significant stability to the grid and balances the intermittent generation of renewables. Broad Reach’s trajectory is exciting, and we’re pleased to be party to this financing.”
Milbank LLP represented Broad Reach Power on this financing transaction and Paul Hastings LLP represented the lenders.
About Broad Reach Power
Broad Reach Power is the leading utility-scale battery storage platform in the United States. Based in Houston, Texas, Broad Reach is backed by leading energy transition investors, EnCap Investments L.P., Apollo Global Management, Yorktown Partners and Mercuria Energy. The Company owns a 21 GW portfolio of utility-scale battery storage and renewable power projects across the U.S., giving utilities, generators and customers access to technological insight and tools for managing merchant power risk so they can better match supply and demand. For more information about the company, visit www.broadreachpower.com.
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