Broad Reach closes US$435mn in credit facilities for 880 MW energy storage projects in Texas and California

Broad Reach Power has closed US$435 million in credit facilities to support the development of seven standalone energy storage projects. These projects, with a combined capacity of 880 MW, will be located in Texas and California, USA.

The storage systems are currently under construction, and they are expected to be commercially operational between late 2023 and the Q1 of 2024. The projects will contribute 825 MW of capacity to the ERCOT region in Texas. Additionally, 55 MW of capacity will be added to the CAISO region in California.

The financing consortium for Broad Reach Power's energy storage projects was spearheaded by Deutsche Bank AG, New York Branch. The consortium also included other major financial institutions, such as MUFG Bank and Norddeutsche Landesbank Girozentrale, New York Branch.

Deutsche Bank, as the coordinating lead arranger and co-syndication agent, played a pivotal role in securing the necessary credit facilities. Meanwhile, First-Citizens Bank & Trust Company acted as the joint lead arranger, with Deutsche Bank Trust Company Americas serving as the depositary bank, collateral agent, and administrative agent.