Deutsche Bank and First Citizens Bank Close $315.7 Million Financing for Four Texas Battery Energy Storage Projects
04 Settembre 2024 - 3:00PM
Business Wire
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.
All four projects are expected to be operational later this year
and collectively represent 730 MW / 1,049 MWh of capacity owned by
a battery energy storage-focused fund at UBS Asset Management.
Battery energy storage systems are increasingly seen as a key
component for supporting grid stability and reliability, as well as
for maximizing the value of renewable power generation.
“We see expanding opportunities for battery storage systems,
such as these four projects in Texas, to support the reliability
and cost-effectiveness of clean energy sources,” said Ken-Ichi
Hino, Co-head of the Energy Storage investment strategy at UBS
Asset Management. "We greatly appreciated the industry knowledge
and expertise of the First Citizens Energy Finance and Deutsche
Bank teams in helping arrange this financing."
“We are pleased to support UBS Asset Management’s storage
investment strategy within its infrastructure portfolio,” said
Jeremy Eisman, Managing Director and Head of Infrastructure &
Energy Financing at Deutsche Bank. “This financing builds upon
Deutsche Bank’s leading track record of supporting renewable
project developers at both the asset and platform level.”
“These four battery projects represent a significant addition to
the battery energy storage capacity of the Texas electrical
system,” said Mike Lorusso, who heads First Citizens Energy
Finance. “We were pleased to serve as co-lead arranger for these
important projects and to work closely with UBS Asset Management to
deliver a successful financing.”
Deutsche Bank's Infrastructure & Energy Financing group
provides structured financing solutions for clients across the
renewable, power and energy sectors.
First Citizens 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.
About UBS Asset Management UBS Asset Management is a
large-scale asset manager with a presence in 23 markets. It offers
investment capabilities and investment styles across all major
traditional and alternative asset classes to institutions,
wholesale intermediaries and wealth management clients around the
world. It is a leading fund house in Europe, the largest mutual
fund manager in Switzerland, the second largest fund of hedge funds
manager and one of the largest real estate investment managers in
the world.
About Deutsche Bank Deutsche Bank provides retail and
private banking, corporate and transaction banking, lending, asset
and wealth management products and services as well as focused
investment banking to private individuals, small and medium-sized
companies, corporations, governments and institutional investors.
Deutsche Bank is the leading bank in Germany with strong European
roots and a global network. Discover more at db.com.
About First Citizens Bank First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., First Citizens
has built a unique legacy of strength, stability and long-term
thinking that has spanned generations. First Citizens offers an
array of general banking services including a network of more than
500 branches and offices in 30 states; commercial banking expertise
delivering best-in-class lending, leasing and other financial
services coast to coast; innovation banking serving businesses at
every stage; and a nationwide direct bank. Parent company First
Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S.
financial institution with more than $200 billion in assets and a
member of the Fortune 500™. Discover more at firstcitizens.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240904314164/en/
MEDIA RELATIONS: Meredith Zaritheny Deutsche Bank
929.742.4613 meredith.zaritheny@db.com
John M. Moran First Citizens Bank 212-461-5507
john.moran2@firstcitizens.com
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