US$60 Million Credit Facility for 200 MW Battery Storage Project in California

First Citizens Bank has closed a US$60 million financing for Gore Street Energy Storage Fund, a UK-based fund investing in a 200 MW/400 MWh battery storage project in Imperial County, California, USA.

Gore Street Energy Storage Fund plc, a publicly traded company, specializes in constructing, owning, and managing battery storage initiatives in the UK, Ireland, Germany, and the US. Its subsidiary, Big Rock ESS Assets, LLC, possesses a 200 MW / 400 MWh battery storage project in California. This project will receive revenue through a contracted program called Resource Adequacy. The funding secured will aid in completing the project's development and bolster Gore Street Energy Storage's financial flexibility for its expanding portfolio.

The project is using LS Energy Solutions' AiON-ESS integrated battery storage system, which is a flexible, modular AC energy storage solution for 1-hour and 2- to 6-hour applications. The AiON-ESS system is expected to provide a number of benefits, including:

• Fast response time: The AiON-ESS system can respond to changes in grid frequency and voltage in less than 10 milliseconds.
• High efficiency: The AiON-ESS system has a round-trip efficiency of over 90%.
• Long lifespan: The AiON-ESS system has a designed lifespan of over 15 years.

The project is expected to be operational in 2024 and will provide resource adequacy and ancillary services to the California Independent System Operator (CAISO) market. The project will also help to integrate renewable energy into the grid and support the state's clean energy goals.