Macquarie Capital Announces Debt Financing of Innovative California Battery Storage Project
21 Dicembre 2018 - 02:21AM
Business Wire
- $100 million debt financing to
refinance existing systems and expand the portfolio with additional
new project construction
- Lead investor CIT joined by Rabobank,
Sumitomo Mitsubishi Banking Corporation
- Macquarie Capital and AMS continue to
develop landmark battery storage project
Macquarie Capital, the corporate advisory, capital markets and
principal investing arm of Macquarie Group ("Macquarie") (ASX:MQG;
ADR:MQBKY), today announced the closing of a $100 million debt
financing of an innovative battery-based energy storage project in
Southern California.
The financing is part of a 52.5 MW / 315 MWh project for
Southern California Edison (SCE) which backs the existing 66 MWh
portfolio and funds construction of an additional 177 MWh portfolio
of behind-the-meter, battery storage systems located in certain
grid-constrained pockets of the West Los Angeles Basin service
territory. CIT Group, which led the initial financing through its
Energy Finance unit, was also the lead investor in the refinancing,
joined by Rabobank and Sumitomo Mitsubishi Banking Corporation.
In 2017, the project became the first non-recourse project
financing of battery-based energy storage systems. Macquarie
Capital acquired the portfolio from AMS August 2016 and both have
been jointly developing and constructing it.
“We are pleased to secure the financing for the next phase of
development for this innovative battery storage infrastructure
project in Southern California,” said Chris Archer Head of Green
Energy Americas for Macquarie Capital. “CIT has been an outstanding
financing partner and believer in our track record of financing and
developing distributed power assets and we are delighted to welcome
new lenders to this growing asset class.”
“CIT is proud to lead the financing of this landmark project,
which demonstrates our ongoing commitment to supporting innovation
and sustainable solutions in the energy sector,” said Mike Lorusso,
managing director and group head for CIT’s Energy Finance unit,
part of the company’s Commercial Finance division.
Grid-connected battery storage solutions are increasingly
recognized as ways to accelerate adoption of clean energy
resources, as well as improve the operating capabilities of the
grid, while lowering costs and ensuring reliability.
The fleet of energy storage systems, which are located at
various large-load commercial, industrial and government host sites
in Los Angeles and Orange counties, will be used for utility grid
services including flexible and reserve capacity, solar integration
and voltage management in addition to retail energy services such
as demand management, back up generation and enhanced power
quality.
As part of the project, Irvine Ranch Water District and
Macquarie Capital in June announced completion of the nation’s
largest energy storage system being used for on-site power – a 2.5
MW/15MWh installation now powering the District’s largest water
recycling plant.
About Macquarie Group
Macquarie Group (Macquarie) is a global provider of banking,
financial, advisory, investment and funds management services.
Macquarie’s main business focus is making returns by providing a
diversified range of services to clients. Macquarie acts on behalf
of institutional, corporate and retail clients and counterparties
around the world. Founded in 1969, Macquarie operates in more than
70 office locations in 25 countries. Macquarie employs over 14,800
people and has assets under management of more than $395.4 billion
(as of September 30, 2018). For more information, visit
www.macquarie.com.
About Macquarie Capital
Macquarie Capital combines grounded thinking with innovative
approaches to develop transformative ideas and realize greater
possibilities for our clients - our partners. We look beyond
convention to connect our clients with ideas and opportunities
others don’t see, while our global platform, specialized expertise
and comprehensive services allow us to deliver what others
can’t.
Our capabilities encompass corporate advisory and a full
spectrum of capital solutions, including capital raising services
from equity, debt and private capital markets and principal
investments from Macquarie’s own balance sheet. These offerings are
reinforced through our deep sector expertise in aerospace, defense
and government services, consumer, gaming and leisure, financial
institutions, infrastructure and energy, real estate, resources,
services, telecommunications, media and technology sectors across
the US with 402 transactions completed, valued at $264 billion in
the year to 31 March 2018.
https://www.macquarie.com/us/corporate/advisory-and-capital-markets/lookbeyond
About CIT
CIT is a leading national bank focused on empowering businesses
and personal savers with the financial agility to navigate their
goals. CIT Group Inc. (NYSE: CIT) is a financial holding company
with over a century of experience, approximately $50 billion in
assets as of Sept. 30, 2018, and operates a principal bank
subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The
company’s commercial banking segment includes commercial financing,
real estate financing, equipment financing, factoring and railcar
financing. CIT’s consumer banking segment includes its national
online bank, CIT Bank, and a Southern California branch bank,
OneWest Bank. Discover more at cit.com/about.
About AMS
AMS is a SaaS company with an A.I. software platform that uses
deep learning algorithms to enable optimized trading of complex
energy assets in wholesale energy markets. AMS’ business is powered
by its industry-leading Transactive Energy Management Platform,
which AMS and its partners utilize to offer compelling and
innovative energy management services to customers, utilities, and
asset owners and operators. To learn more, visit
www.advmicrogrid.com and follow us on twitter: @advmicrogrid.
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Macquarie media inquiriesStephen YanMacquarie Group
Corporate Communications(212) 231-1310stephen.yan@macquarie.com
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