First Citizens Bank announced that its Energy Finance business has served as lead agent on a $74 million financing of GridStor’s Hidden Lakes Reliability Project, a 220 MW / 440 MWh battery storage project in Galveston County, Texas.
GridStor is a developer and operator of utility-scale, standalone battery storage projects and is owned by funds managed by Goldman Sachs Asset Management. The financing will support the remaining construction of the Hidden Lakes project, which is expected to enter into commercial operation this summer.
“The Hidden Lakes Reliability Project adds dependable, dispatchable capacity to the Texas power system that is needed to sustain the state’s historic economic expansion,” stated Chris Taylor, CEO of GridStor. “We appreciated the expertise of the First Citizens Bank Energy Finance team in crafting a financial solution that supports enhancement of grid resilience with energy storage.”
“At First Citizens Bank, we are dedicated to backing innovative energy initiatives that strengthen grid dependability and foster a more sustainable energy future,” remarked Mike Lorusso, head of First Citizens Bank’s Energy Finance. “We are excited to work with GridStor on this project, which reflects our commitment to financing essential energy infrastructure that addresses evolving market needs.”
First Citizens Bank Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.
