July 29 (Renewables Now) - Houston, Texas-based Broad Reach Power LLC said on Thursday it has sealed a deal to obtain USD 160 million (EUR 156.3m) in debt funding to bankroll a portfolio of battery energy storage systems in Texas and California.
The independent power producer and battery storage platform will allocate the fresh capital for 390 MWh of energy storage facilities – 17 in Texas and one in California. All of them are front-of-the-meter, utility-scale assets equipped with lithium-ion technology by various manufacturers.
The debt financing is being provided by Deutsche Bank AG, New York Branch and MUFG Bank Ltd, which served as coordinating lead arrangers and joint bookrunners for the transaction. MUFG acted as administrative agent and Deutsche Bank Trust Company Americas acted as depositary bank and collateral agent.
Broad Reach Power has 21 GW of utility-scale battery storage and renewable power projects across its US portfolio. Among the company’s investors are EnCap Investments LP, Apollo Global Management, Yorktown Partners and Mercuria Energy.
(USD 1.0 = EUR 0.977)