TEXAS – North American Development Bank (NADBank) joined a consortium of lenders in a US$202.3 million senior secured credit facility led by First Citizens Bank to support Anemoi Energy Storage, LLC, a special purpose company formed by Plus Power, LLC, for the design, construction and operation of a 200 megawatt alternating current (MWCA), two-hour battery storage system that will contribute to the growth of energy storage capacity on the Texas grid.
The system is being built on 7.8 hectares of private land in Hidalgo County, Texas, which is located near the city of McAllen and 37 km north of the U.S.-Mexico border. The project includes an electrical substation to convert electricity sent from the system to the grid, as well as that received from the grid to be stored in the system and a 335.3 m long interconnection line to connect the system substation to the Pomelo substation located to the east of the project.
NadBank reported that the facility is expected to store up to 118,377 megawatt-hours (MWh) of energy per year and consequently, it is estimated that the emission of approximately 50,571 metric tons/year of carbon dioxide (CO2), 38 metric tons/year of nitrogen oxides (NOx) and 38 metric tons/year of sulfur dioxide (SO2) will be avoided. The electricity stored and delivered annually by the system will be the equivalent of serving 28,597 homes.
“NADBank is pleased to expand its portfolio of development assets with energy storage projects,” said Calixto Mateos Hanel, CEO of NADBank.
For his part, Josh Goldstein, chief financial officer of Plus Power said, “Over the past year, Plus Power has mobilized an unprecedented amount of capital for stand-alone storage systems from a wide range of leading energy project finance investors and banks.
The capital will support the construction of the largest and most diverse portfolio of independent storage projects in the United States, Goldstein noted.