US team represents Eolian in battery storage project tax equity financing
États-Unis | Communiqués - Affaires | février 2023
A team of lawyers from Norton Rose Fulbright advised Eolian, L.P., a portfolio company of Global Infrastructure Partners, in the first-of-its-kind tax equity financing of two standalone utility-scale battery storage projects near McAllen, Texas.
The tax equity financing was provided by a fund managed by Churchill Stateside Group. This financing is not only the first deployment of the investment tax credit for a standalone energy storage asset following the passage of the Inflation Reduction Act of 2022, but notably, 100% of the projects’ revenue is generated through participation in the merchant energy and ancillary services markets, with no contracted offtakers.
The Madero and Ignacio projects are co-located battery storage facilities delivering a combined operating capacity of 200 MW with multiple hours of duration to provide sustained ramping capacity and help maintain grid stability and resilience during hours of uncertainty. .
Eolian is one of the most successful energy investors in the United States and has funded the development of more than 21,000 MW of operating generating capacity.
Norton Rose Fulbright's deal team was led by David Burton and Marissa Leigh Alcala and included Jenna Goldman (New York), Jerry Converse, Jacob Brackmann (Austin), Christine Fernandez Owen, John Young (Chicago), Viki Vozarova (Dallas), Bob Greenslade (Denver), Josh Agrons, Kat Gamache, Ryan Graham, Ryan Searfoorce, Harriet Wessel (Houston), Victor Hsu, Sameer Mulji (Los Angeles), John Jennings (San Antonio), Hilary Lefko, Jody-Ann Knight and Sol Kwon (Washington, DC).