First Citizens Provides $60 Million Credit Facility for 200-Megawatt Battery Storage Project in California

Rhea-AI Summary

First Citizens Bank has provided $60 million in financing to Gore Street Energy Storage Fund for the development of a 200-megawatt battery storage project in California. The financing will support the project's development and provide liquidity for Gore Street Energy Storage.

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• First Citizens Bank provides $60 million financing for battery storage project in California
• Gore Street Energy Storage Fund receives additional liquidity for its growing portfolio

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• None.

NEW YORK, Oct. 24, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Energy Finance business has served as lead agent on $60 million in financing to Gore Street Energy Storage Fund plc for the development of a 200-megawatt battery storage project located in Imperial County, California.

Gore Street Energy Storage Fund plc (LSE: GSF) is a publicly traded battery storage company that builds, owns and operates battery storage projects across the UK, Ireland, Germany and the US. The company's subsidiary, Big Rock ESS Assets, LLC, owns the 200-megawatt / 400-megawatt hour California battery storage project, which will benefit from contracted revenue through the Resource Adequacy program.

The financing will support the remaining development of the project and provide Gore Street Energy Storage with additional liquidity for its growing portfolio.

"We are pleased to work with First Citizens Bank to secure financing for the Big Rock project," said Alex O'Cinneide, CEO of Gore Street Capital, the investment manager of Gore Street Energy Storage Fund. "First Citizens is one of the leading lenders in the U.S. battery energy storage sector, and we are impressed by their knowledge and efficiency in arranging financing for this large-scale energy storage project."

"Big Rock's strategic location and use of commercially proven Tier 1 technology makes it a valuable addition to Gore Street Energy Storage Fund's portfolio," said Mike Lorusso, head of First Citizens' Energy group. "We appreciated working with the company's highly experienced investment management team in structuring this unique financing to support completion of this attractive project."

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 Gore Street Energy Storage Fund  
Gore Street Energy Storage Fund plc is London's first internationally diversified listed energy storage fund, launched in May 2018. It holds a portfolio totalling 1.17 GW spread across battery storage facilities in Great Britain and Ireland, Western Mainland Europe and the US. It is listed on the Premium Segment of the London Stock Exchange and included in the FTSE All-Share Index.   

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, 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 in 30 states; 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. Discover more at firstcitizens.com.

MEDIA RELATIONS:
Lexa Tutela Losey
212-461-5305
Lexa.Tutela@firstcitizens.com

 

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SOURCE First Citizens Bank

FAQ

What is the financing amount provided by First Citizens Bank?

First Citizens Bank has provided $60 million in financing.

Where is the battery storage project located?

The battery storage project is located in Imperial County, California.

What does Gore Street Energy Storage Fund do?

Gore Street Energy Storage Fund builds, owns, and operates battery storage projects across the UK, Ireland, Germany, and the US.

What program will benefit the California battery storage project?

The California battery storage project will benefit from contracted revenue through the Resource Adequacy program.

What does First Citizens Energy Finance offer?

First Citizens Energy Finance offers comprehensive financing solutions for renewable and conventional power generation.