From: Mercom Capital Group

GridStor, a developer and operator of utility-scale battery energy storage projects, has secured $220 million in tax equity bridge, construction, and term debt financing for its 100 MW/400 MWh White Tank battery storage project in Arizona. ING Capital, KeyBank, and Zions Capital Markets are the transaction’s financial partners. The financing will support the completion of the project’s development. Located in Maricopa County, the White Tank facility will operate under a 20-year tolling agreement with Arizona Public Service, which serves approximately 1.4 million homes and businesses.

Windrose Holding, a Whysol Group company that indirectly holds and manages a portfolio of wind and solar assets in Italy, has completed a holdco project financing transaction of approximately €118 million (~$134 million) for wind and solar projects totaling approximately 157 MW. The green loan will refinance and optimize the portfolio’s operational and financial structure. The financing includes a merchant risk component after incentives expire and combines wind and solar assets in a single portfolio.

Energy Vault, a utility-scale energy storage project developer, has acquired more than 2.3 GW of U.S. battery energy storage development projects from Colorado-based developer and operator of utility-scale battery storage projects, Goshe Energy Storage. The transaction spans 15 projects that will be added to the company’s build, own, and operate platform. A development and project management team from Goshe will also join Energy Vault. Energy Vault expects both projects to begin commercial operations in the first quarter of 2028.

Solar and energy storage independent power producer Elgin has acquired the 200 MW Blackhall Solar Farm in County Meath, Ireland, from renewable energy company GP Joule. The late-stage solar project has received consent and has grid connection arrangements in place. The financial terms of the acquisition were not disclosed. The company expects to invest approximately €200 million (~$228 million) in developing and constructing the project. Elgin is also finalizing the construction and energization of approximately 150 MW of solar projects in Ireland under a previously announced portfolio transaction.

For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here.

Read last week’s project finance brief.