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CIT Serves as Lead Arranger of $88MM Financing for Texas Battery Energy Storage System

July 21, 2022, 07:46 AM
Filed Under: Energy

CIT, a division of First Citizens Bank, announced that its Power and Energy business arranged $88 million in financing for a 173-megawatt stand-alone merchant battery storage facility in Texas.
The borrower, Wolf Tank Storage, is an affiliate of Aypa Power Development, which develops, owns and operates numerous utility-scale energy storage and hybrid renewable energy projects that assist in the decarbonization of the electrical grid. Aypa Power is a portfolio company of Blackstone Inc.

Located in Webb County, Texas, the Wolf Tank Storage project will support the delivery of dependable electricity supply in the south region of the Electric Reliability Council of Texas (ERCOT). Construction is already under way and completion is expected in the first quarter of 2023. Siemens Financial Services participated as joint lead arranger in the financing.

"Battery storage is an increasingly valuable component of the electricity generation mix, facilitating the integration of renewable power generation into the electric grid, ensuring dependable electricity flow," said Marc Atlas, Chief Financial Officer of Apya Power. "We appreciated CIT's agility and expertise in arranging financing for the Wolf Tank Storage project."

"Apya Power is a premier developer and operator of successful battery energy storage systems (BESS) across the United States," said Mike Lorusso, managing director and group head for CIT's Power and Energy business. "We are pleased to finance this innovative project that will support renewable power generation and help sustain reliable power in the South Texas market."

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