The project will deploy Tesla Energy’s Powerpack 2 lithium-ion battery system, which will be located at various large-load commercial, industrial and government host sites in Los Angeles and Orange counties. The fleet of storage banks will be used for utility grid services including flexible and reserve capacity, solar integration and voltage management in addition to retail energy services such as demand management, back up generation and enhanced power quality.
SCE, which is California’s second largest utility, will purchase capacity from the Macquarie-owned fleet of behind-the-meter, battery-based energy storage systems under 10-year capacity contracts to provide load reduction services as part of SCE’s plan to modernize the grid by 2022.
The financing, led by CIT, backs the storage system portfolio that Macquarie Capital acquired from Advanced Microgrid Solutions (AMS) in August 2016. Since the acquisition, Macquarie and AMS have been jointly developing and constructing the portfolio, which is expected to come online in phases over the next 12-24 months. AMS, which led the development of the portfolio, will serve as the asset manager of the projects.
“Macquarie Capital is proud to have closed this first-of-its-kind financing for these critical battery storage infrastructure assets in Southern California,” said Michael Silverton, head of Macquarie Capital for the U.S. and Latin America.
“CIT is pleased to achieve this landmark project finance transaction, further demonstrating our commitment to supporting innovation and sustainable solutions in the energy sector,” said Mike Lorusso, group head and managing director of CIT’s Energy Finance business.
“Macquarie is financing a revolution in the energy industry,” said Susan Kennedy, CEO of AMS. “The era of energy storage has begun.”
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.