The power and energy business of CIT, a division of First Citizens Bank, has arranged $88 million in financing for a 173-megawatt standalone merchant battery-storage facility in Texas.
The borrower, Wolf Tank Storage, is an affiliate of Aypa Power Development, which develops, owns and operates numerous utility-scale energy storage and hybrid renewable-energy projects that assist in the decarbonization of the electrical grid. Aypa Power is a portfolio company of Blackstone.
Located in Webb County, Texas, the Wolf Tank Storage project will support the delivery of dependable electricity supply in the south region of the Electric Reliability Council of Texas (ERCOT). Construction is already under way, and completion is expected in first quarter 2023. Siemens Financial Services participated as joint lead arranger in the financing.
“Battery storage is an increasingly valuable component of the electricity generation mix, facilitating the integration of renewable powe
