First Citizens Bank today (March 5) announced that its Energy Finance business has served as lead agent on a $74 million financing of GridStor's Hidden Lakes Reliability Project, a 220 MW / 440 MWh battery storage project in Galveston County, Texas.
GridStor is a developer and operator of utility-scale, standalone battery storage projects and is owned by funds managed by Goldman Sachs Asset Management. The financing will support the remaining construction of the Hidden Lakes project, which is expected to enter into commercial operation this summer.
"The Hidden Lakes Reliability Project adds dependable, dispatchable capacity to the Texas power system that is needed to sustain the state's historic economic expansion," stated Chris Taylor, CEO of GridStor. "We appreciated the expertise of the First Citizens Energy Finance team in crafting a financial solution that supports enhancement of grid resilience with energy storage."
"At First Citizens, we are dedicated to backing innovative energy initiatives that strengthen grid dependability and foster a more sustainable energy future," remarked Mike Lorusso, head of First Citizens' Energy Finance. "We are excited to work with GridStor on this project, which reflects our commitment to financing essential energy infrastructure that addresses evolving market needs."
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 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 nationwide; 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.
About GridStor
GridStor strengthens America's power system reliability by building and operating battery projects, storing electricity to deliver when and where it's most needed. GridStor develops, acquires, and operates utility-scale, standalone battery storage projects primarily across North America. Visit us at www.gridstor.com and on LinkedIn.
