Fengate Asset Management and Alpha Omega Power (AOP) have closed a tax equity commitment with U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, for the Caballero Energy Storage project in California. Financial terms were not disclosed.
Caballero represents the first investment by Fengate and AOP, which formed a development partnership in 2023 to develop, acquire and operate battery energy storage system (BESS) projects. The partnership acquired the 400-megawatt-hour contracted Caballero project from Origis Energy and closed construction and term debt with MUFG Bank.
When construction is complete in 2025, the six-acre project will provide enough energy from clean sources to power more than 100,000 homes for up to four hours during peak electricity demand periods daily, displacing reliance on thermal generation and abating carbon. Caballero will enhance grid resiliency during hours when solar power is coming offline and safeguard the grid against the impacts of ext
