Norton Rose Fulbright represents lenders on a US$78.2M debt financing for battery storage projects

Global law firm Norton Rose Fulbright represented North American Development Bank and Siemens Financial Services, Inc. on the closing of a US$78.2 million debt financing for 330 MWh of standalone battery storage projects in California.

The deal marked a milestone as the first reported project financing of fully-merchant battery storage projects. EnerSmart Storage is the developer, owner and operator of the projects.

Norton Rose Fulbright's core deal team consisted of Deanne Barrow (San Francisco), Todd Alexander (New York), Laura Kaplan (New York) and Grace Choi (New York). Additional support was provided by Marian Baldwin Fuerst (New York), Robert Shapiro (Washington, DC), Andrew Skroback (New York), Amy Mitchell (Austin), Josh Morton (Houston), Christy Rivera (New York) and Richard Wright (New York).

The North American Development Bank is a binational financial institution governed equally by the United States and Mexico for the purpose of financing environmental projects certified by the Border Environment Cooperation Commission.

Siemens Financial Services, the international financing arm of Siemens, provides business-to-business financial solutions to companies in the healthcare, energy, infrastructure and manufacturing industries.

EnerSmart Storage develops, owns and operates utility scale battery energy storage projects in California, located strategically at points on the electrical grid where supply and demand imbalances occur regularly due to the growth of renewable energy resources.