Gridstor closes J.P. Morgan tax credit sale for 160MWh US storage project

March 6, 2024

Utility-scale battery energy storage system developer and operator GridStor has closed its first tax credit sale with J.P. Morgan in support of its 60 MW / 160 MWh Goleta Energy Storage project in Santa Barbara County, California.

The standalone battery energy storage project began operations in December 2023. In addition to the tax credit transfer, GridStor’s Goleta Energy Storage project is financed with long term debt provided by NORD/LB and Mitsubishi HC Capital America.

The facility is capable of powering the equivalent of over 30,000 households “over the hours each day when the electrical grid is most stressed”, a statement said.

Chris Taylor, CEO of GridStor, said: “This deal demonstrates the superior execution capabilities of our team and the confidence that GridStor has earned from world-leading financial institutions. We are proud to work with J.P. Morgan to join the first class of tax credit transfer sales associated with battery energy storage projects in North America.”

Sondra Martinez, head of project finance-origination at NORD/LB, added: “NORD/LB is delighted to have supported the Goleta stand-alone battery storage project financing.”

Stéphane Arsenault, senior vice president of sustainable development finance at Mitsubishi HC Capital America, commented: “Mitsubishi HC Capital America has long been committed to contributing to a prosperous and sustainable future. Supporting GridStor’s mission, as well as their latest battery energy storage project, is perfectly aligned with our plans to provide unique and progressive financing solutions with the global environment in mind.”