UBS Asset Management’s 1GWh BESS portfolio in Texas gets financing through major banks
Andy Colthorpe | Source: Energy Storage News | Posted 09/09/2024
UBS Asset Management has secured financing for a 730MW/1,049MWh battery storage portfolio in Texas via two commercial banks. Deutsche Bank and First Citizens Bank announced yesterday (4 September) that they served as co-lead arrangers in a US$315.7 million financing for investment manager UBS Asset Management.
AI generated summary
UBS Asset Management has obtained funding totaling US$315.7 million from Deutsche Bank and First Citizens Bank for a 730MW/1,049MWh battery storage portfolio in Texas. The financing will support four battery energy storage system (BESS) projects in the state, which is experiencing rapid growth in battery storage deployment due to the expansion of wind and solar PV, coupled with the opportunities in Texas' wholesale electricity market overseen by ERCOT.
The four projects are expected to commence operations by the end of the year and are part of the increasing trend in battery storage investments in ERCOT and other regions. UBS Asset Management sees these projects as crucial to enhancing the reliability and cost-efficiency of clean energy sources. Additionally, in other Texas BESS developments, Bitech Technologies, an independent power producer, has signed a tax credit transfer agreement for a 100MW project in Fort Bend County, Texas, with the aim of closing financing for this and another 100MW project in the state within the year.
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