Paul Hastings Advised Lead Arrangers on $250 Million Financing for Battery Storage Facilities with First-of-a-Kind Hybrid Battery Storage & Gas-Fired Offtake Arrangements
November 22, 2023
Paul Hastings LLP advised First-Citizens Bank & Trust Company and MUFG Bank, Ltd., as coordinating lead arrangers on the $250 million construction/term and tax equity bridge financing for a portfolio of three battery storage projects totaling 327 MW developed by Middle River Power. The projects will be co-located with existing gas-fired peaking generation facilities, and together the battery storage and gas-fired facilities will provide both low-emissions electricity and long-term reliability via hybrid energy and capacity offtake agreements with third-party offtakers in Kings County and Fresno County, California.
Energy and Infrastructure co-chair Rob Freedman and Of Counsel David Avila led the Paul Hastings team, with support from associates Christine Fiedler and Chris Hargett. Additional members of the team included Tax partner Mike Haun and associate Kami LaBerge; Real Estate partner Brad Ritter, Of Counsel Mehran Massih, and associate David Saylor; Infrastructure and Energy Of Counsel Donna Bobbish; Litigation Of Counsel Jennifer Riddle; and Corporate associates LK Greenbacker and Bethany Krystek.
More information can be found here.
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