Middle River Power has secured $250 million in financing to build out a 327-megawatt portfolio of battery storage projects in California.
First Citizens Bank’s energy finance business and MUFG acted as co-lead arrangers on the financing package, which includes a construction loan that will convert to a term loan, a tax equity bridge loan and project LC facilities. Morgan Stanley Renewables has provided the tax equity commitment for the portfolio.
The portfolio consists of three battery storage projects, which will be paired with existing gas-fired peaking generation, creating first-of-its-kind hybrid facilities that provide both low-emissions electricity and long-term reliability to California’s Kings and Fresno counties.
Colocating the natural gas–peaking facilities with battery storage results in significant reductions in greenhouse gas emissions while maintaining reliable, flexible reserve capacity, according to First Citizens Bank. The battery faciliti