Apex Clean Energy agrees $150m First Citizens Bank financing for US batteries

May 16, 2024

Apex Clean Energy has secured more than $150 million of financing from First Citizens Bank for two battery energy storage projects in Texas.

First Citizens Banks served as sole bookrunner and co-lead arranger on the financings. Bank United also served as co-lead arranger.

One of the projects, Great Kiskadee Storage, is a 100MW/200MWh battery energy storage system, owned by SA Grid Solutions (a joint venture between Apex, SK Gas, and SK Eternix), which is under construction in Hidalgo County, Texas. The other, Angelo Storage, is a 100MW/200MWh battery energy storage system, also under construction, in Tom Green County, Texas.

Both are expected to reach commercial operation by the third quarter of 2024.

“Battery storage is crucial to building a more resilient grid and enhancing the reliability and cost-effectiveness of renewable energy—ultimately enabling our mission to accelerate the shift to clean energy,” said Ken Young, Apex Clean Energy CEO. “We greatly appreciated the industry knowledge and expertise of the First Citizens Energy Finance team in helping arrange these financings.”

Mike Lorusso, managing director and group head for First Citizens Energy Finance, added: “Apex Clean Energy has a strong and growing reputation throughout the renewable energy industry for identifying attractive clean energy project opportunities and managing them to successful completion. It was a pleasure to work with them on this financing and we look forward to further opportunities to collaborate in the future.”