First Citizens Bank announced its energy finance segment served as lead agent for a $60 million credit facility for the Gore Street Energy Storage Fund for the development of a battery energy storage project in California.
The Big Rock storage project is a large standalone battery facility adding 200 MW / 400 MWh of storage to the grid. The project will receive contracted revenues from the California Resource Adequacy program.
Gore Street is a publicly traded storage company that owns and operates storage assets across the U.S., Germany, U.K., and Ireland. The company’s subsidiary, Big Rock ESS Assets, owns the 200 MW project.
The financing is expected to support the remaining development of the project as well as provide Gore Street with additional liquidity to support its growing portfolio.
“Big Rock’s strategic location and use of commercially proven Tier 1 technology makes it a valuable addition to Gore Street Energy Storage Fund’s portfolio,” said Mike Lorusso, head of First Citizens’ Energy group.
Gore Street Energy Storage Fund is located in London, established in May 2018. It holds a 1.17 GW global portfolio. It is listed on the London Stock Exchange and the FTSE All-Share Index.
“First Citizens is one of the leading lenders in the U.S. battery energy storage sector, and we are impressed by their knowledge and efficiency in arranging financing for this large-scale energy storage project,” said Alex O’Cinneide, chief executive officer of Gore Street Capital.
