First Citizens Bank leads on $60m Gore Street US 400MWh storage financing

October 30, 2023

First Citizens Bank’s energy finance business has served as lead agent on a $60 million financing for Gore Street Energy Storage Fund, which will be used for the development of a 200MW battery storage project located in Imperial County, California.

Gore Street’s subsidiary, Big Rock ESS Assets, LLC, owns the 200MW / 400MWh California battery storage project, which will benefit from contracted revenue through the Resource Adequacy Program, a state initiative that incentivises the siting and construction of new resources needed for future grid reliability.

“The financing will support the remaining development of the project and provide Gore Street Energy Storage with additional liquidity for its growing portfolio,” a statement said.

Gore Street Energy Storage Fund is a publicly traded battery storage company that builds, owns and operates battery storage projects across the UK, Ireland, Germany and the US. 

“We are pleased to work with First Citizens Bank to secure financing for the Big Rock project,” said Alex O’Cinneide, CEO of Gore Street Capital, the investment manager of Gore Street Energy Storage Fund. “First Citizens is one of the leading lenders in the US battery energy storage sector, and we are impressed by their knowledge and efficiency in arranging financing for this large-scale energy storage project.”

Mike Lorusso, head of First Citizens’ energy group, said: “Big Rock’s strategic location and use of commercially proven tier one technology makes it a valuable addition to Gore Street Energy Storage Fund’s portfolio. We appreciated working with the company’s highly experienced investment management team in structuring this unique financing to support completion of this attractive project.”