Broad Reach closes $435m US storage credit facility

Broad Reach Power has closed $435 million in credit facilities to support the construction of seven standalone energy storage projects totaling 880 MW of capacity in Texas and California.  

The battery storage projects are currently under construction with expected commercial operation dates ranging from late 2023 through Q1 2024.

The projects include 825 MW in the ERCOT region and 55 MW in CAISO.

The financing consortium was led by Deutsche Bank AG, New York Branch, and included coordinating lead arrangers and co-syndication agents: Deutsche Bank AG, New York branch; MUFG Bank; and Norddeutsche Landesbank Girozentrale, New York branch. 

The joint lead arranger was First-Citizens Bank & Trust Company with depositary Bank, collateral and administrative agent Deutsche Bank Trust Company Americas.

Stacey Peterson, CEO of Broad Reach Power, said: “Broad Reach Power is proud to be on the forefront of financing this new asset class, highlighting our portfolio of projects that have been meticulously developed by the team over the last several years as well as the confidence in our team’s ability to construct and operate quality BESS projects.”

Broad Reach Power was represented by White & Case LLP and Paul Hastings LLP represented the lenders.