San Antonio, Texas – May 24, 2022 (Investorideas.com Newswire) The North American Development Bank (NADBank), Siemens Financial Services, Inc. (Siemens) and EnerSmart Storage OpCo II, LLC signed a US$78.2 million loan facility to finance the design, construction, and operation of a portfolio of utility scale energy storage projects with a combined capacity of 165 megawatts in alternating current (MWAC) that will be constructed at nine sites located within San Diego County, California. This is the first reported project financing of fully merchant battery storage projects in the United States.
“NADBank is pleased to provide financing for this innovative operation that will increase energy efficiency and maximize the use of renewable energy while helping displace CO2 emissions” stated the Bank’s Managing Director Calixto Mateos-Hanel. He also highlighted, “As a development bank, NADBank has proven time and again that innovative financing of environmental projects in promising sectors is one of its core strengths. This energy storage project portfolio confirms the Bank continues to play a critical role in the development of sustainable infrastructure while tackling climate change and meeting the needs of the US-Mexico border.”
“Similarly, Siemens is delighted to finance these energy storage facilities and praises EnerSmart in their strategic endeavors to supply critical battery infrastructure to the San Diego area,” said Jim Fuller, Head of Project Finance, Siemens Financial Services, Inc. “We share the same commitment to sustainability and advancing decarbonization goals for our customers and their surrounding communities.”
The 165-MWAC energy storage portfolio will be capable of storing up to 330 MWh of electricity, the equivalent of supplying 110,000 customers for up to two hours. Annually, the projects are expected to charge and discharge approximately 87,650 MWh of energy. Electricity from the grid will be stored and delivered through existing transmission lines owned and maintained by San Diego Gas and Electric (SDG&E).
“We are excited to partner with NADBank and Siemens on this innovative project financing, providing EnerSmart with the requisite capital to complete our energy storage project development plans throughout San Diego County. Their support and financing, coupled with the backing of our private equity sponsor, Yorktown Partners, will enable the continued growth and expansion of carbon-free, renewable energy to communities throughout the San Diego region” stated Co-CEO of EnerSmart Storage Holdings LLC, Marc La Magna.
The projects will provide energy and ancillary services and possibly resource adequacy to the California power grid. These products will be offered and purchased through the California Independent System Operator wholesale energy and ancillary services markets and may also be purchased in the form of resource adequacy agreements.
The projects will also help integrate electricity generated by intermittent renewable energy sources, such as solar and wind, and will also support a more reliable power grid, by minimizing power disruptions and reducing energy losses resulting from mismatches in supply and demand.
NADBank is a financial institution established and capitalized in equal parts by the United States and Mexico for the purpose of financing environmental infrastructure projects along their common border. As a pioneer institution in its field, the Bank is working to develop environmentally and financially sustainable projects with broad community support in a framework of close cooperation and coordination between Mexico and the United States.
Siemens Financial Services (SFS) – the financing arm of Siemens – provides business-to-business financial solutions. A unique combination of financial expertise, risk management and industry know-how enable SFS to create tailored innovative financial solutions. With these, SFS facilitates growth, creates value, enhances competitiveness, and helps customers access new technologies. SFS supports investments with equipment and technology financing and leasing, corporate lending, equity investments and project and structured financing. Trade and receivable financing solutions complete the SFS portfolio. With an international network, SFS is well adapted to country-specific legal requirements and able to provide financial solutions globally. Within Siemens, SFS is an expert adviser for financial risks. Siemens Financial Services has its global headquarters in Munich, Germany, and has around 2,900 employees worldwide. www.siemens.com/finance.
EnerSmart Storage OpCO II LLC, is a subsidiary of EnerSmart Storage Holdings LLC, a Solana Beach, CA based developer, owner, and operator of utility scale energy storage projects. EnerSmart’s mission is to develop energy storage solutions that facilitate the growth and expansion of renewable energy generation. By deploying its storage projects, EnerSmart provides independent grid operators additional solutions to better manage the supply and demand for electricity.
More Info:
This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
RenewableEnergyStocks.com: investing ideas in renewable energy stocks
Like Renewable Energy Stocks? View our Renewable Energy Stocks Directory
