Capital Dynamics secures tax equity to retrofit its California Flats Solar Project with Battery Energy Storage Project

Capital Dynamics through its Clean Energy Infrastructure (CEI) business has secured tax equity investments from Goldman Sachs and U.S. Bank for the 60 megawatts (MW)/240 megawatt-hour (MWh) California Flats Battery Energy Storage System (California Flats BESS).

The storage installation is being built on the same site as the 280 MWac California Flats Solar power plant operating within the historic Jack Ranch owned by The Hearst Corporation. The project is located in San Luis Obispo and Monterey counties in central California. Arevon, a Capital Dynamics affiliate, is overseeing the construction of the battery storage system and will operate it in conjunction with the California Flats Solar facility.

California Flats BESS will store excess solar energy during the middle of the day to dispatch during evening peak demand periods. Once completed later this year, the battery system will be bidding into the California energy market to support California’s reliability needs as part of a long-term offtake agreement with Apple.

Amis, Patel & Brewer, LLP represented Capital Dynamics as legal counsel.