Deutsche Bank and First Citizens Bank have closed $315.7 million in financing for four battery energy storage systems in Texas on behalf of an affiliate of UBS Asset Management.
Deutsche Bank and First Citizens Bank served as co-lead arrangers on the financing, and Deutsche Bank Trust Company Americas served as administrative agent on the transaction. In addition, SocGen and Siemens joined as joint lead arrangers, and BankUnited, Mitsubishi HC Capital and Bayern LB rounded out the syndicate.
The four projects, which collectively represent 730 megawatts/1,049 megawatt-hours of capacity, are owned by a battery energy storage-focused fund at UBS Asset Management. The projects are expected to be operational later this year.
“We see expanding opportunities for battery storage systems, such as these four projects in Texas, to support the reliability and cost-effectiveness of clean energy sources,” said Ken-Ichi Hino, co-head of the energy storage investment strate