Deutsche Bank and First Citizens Bank Close $315.7 Million Financing for Four Texas Battery Energy Storage Projects

Business Wire | Source: Bakersfield | Posted 09/10/2024

Deutsche Bank and First Citizens Bank announced today they served as co-lead arrangers on a $315.7 million financing for four battery energy storage systems in Texas. Deutsche Bank Trust Company Americas served as Administrative Agent on the transaction. SocGen and Siemens joined as Joint Lead Arrangers and BankUnited, Mitsubishi HC Capital, and Bayern LB rounded out the syndicate.

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Deutsche Bank and First Citizens Bank co-arranged a $315.7 million financing deal for four battery energy storage systems in Texas, with Deutsche Bank Trust Company Americas as the Administrative Agent. The projects, collectively representing 730 MW / 1,049 MWh of capacity, are set to be operational later this year and are owned by a battery energy storage-focused fund at UBS Asset Management. These systems play a crucial role in enhancing grid stability, reliability, and maximizing the value of renewable energy sources.

UBS Asset Management's Co-head of Energy Storage investment, Ken-Ichi Hino, recognizes the growing importance of battery storage systems in supporting clean energy sources. The financing arrangement showcases Deutsche Bank's expertise in supporting renewable project developers, with First Citizens Energy Finance playing a key role in facilitating the financing for these significant projects in Texas. This investment aligns with UBS Asset Management's storage investment strategy and marks a substantial addition to the state's battery energy storage capacity.

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Source Link: https://www.bakersfield.com/ap/news/deutsche-bank-and-first-citizens-bank-close-315-7-million-financing-for-four-texas-battery/article_cd12b28a-3132-5a11-8100-622ecba10026.html

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Deutsche Bank and First Citizens Bank Close $315.7 Million Financing for Four Texas Battery Energy Storage Projects

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