AES Corp. introduced just lately acquired subsidiary has closed on $154.2 million in debt financing for 400-MWh power storage mission in Los Angeles County.
sPower had closed on the funding for Luna Storage late final 12 months. In January, AES merged with sPower and integrated it into the AES clear power enterprise within the U.S.
“We are thrilled to assist utility-scale storage take a big step ahead within the financing area with the Luna Storage deal,” stated Brian Callaway, Vice President of Growth Initiatives for AES Clean Energy. “Efficiently accessing and transferring the capital markets for each ourselves and our clients is core to our enterprise. I’m grateful for the collaboration and dedication of our financing companions in bringing this progressive monetary answer to life, setting a precedent for the way forward for power storage offers.”
Watch this video interview with AES COO Bernerd Da Santos
The $154.2 million non-recourse debt increase, organized by KeyBanc Capital Markets Inc., Credit Agricole Corporate and Investment Bank, Silicon Valley Bank, and Export Development Canada, is among the largest financing offers for a utility-scale standalone battery storage mission. An settlement with Clean Power Alliance (CPA) for Luna Storage was signed in April 2020, making this the biggest ESA for a Community Choice Aggregation (CCA) in California.
“Storage is on the daybreak of a generational alternative to advance our society into the power future – and main the Luna Storage transaction with our companions at AES Clean Energy has helped to pave the way in which,” stated Aaron Klein, a Managing Director in KeyBanc Capital Markets Utilities, Power and Renewables Group.
Luna Storage has a 15-year contract and is anticipated to return on-line later in 2021. Once on-line, Luna Storage will assist CPA and the broader state of California obtain their progressive renewable power commitments by bettering the statewide grid reliability with fossil-free sources.
AES mission director Ron Rodrique spoke on the way forward for digitalization within the energy sector throughout a POWERGEN+ session. Click right here to see that webcast or subsequent week’s sequence on the Future Utility Workforce and O&M challenges
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