Eolian, a portfolio company of Global Infrastructure Partners (GIP), has closed the first-of-its-kind tax equity investment in two standalone utility-scale battery-storage projects in Mission, Texas. A fund managed by Churchill Stateside Group provided the tax equity investment in the projects.
The Madero and Ignacio projects are interconnected battery-storage facilities located on a single site with a combined operating capacity of 200 megawatts. Once completed, the Madero/Ignacio site will collectively be the largest fully merchant battery-energy storage project ever built worldwide, as measured by total deliverable energy. The projects are scheduled to achieve full commercial operations later this year.
Eolian said the financing is the first use of the Investment Tax Credit (ITC) structure by a standalone utility-scale battery-energy storage system and was