New York, July 20, 2022 / PRNewswire /-CIT, a division of First Citizens Bank, today announced that its electricity and energy business has been approved. $ 88 million Financing a 173 MW stand-alone commercial battery storage facility Texas..
Borrower WolfTank Storage, a subsidiary of Aypa Power Development, develops, owns and operates a number of hybrid renewable energy and large energy storage projects to help decarbonize the power grid. Aypa Power is a holding company of Blackstone Inc.
Is in Webb County, TexasThe Wolf Tank Storage Project will support the Electrical Reliability Commission’s provision of reliable power supplies in the southern region. Texas (ERCOT). Construction is already underway and is expected to be completed in the first quarter of 2023. SiemensFinancialServices participated as a co-lead arranger in financing.
“Battery storage is an increasingly valuable part of the generation mix, facilitating the integration of renewable energy generation into the grid and ensuring a reliable flow of electricity,” he declares. Mark Atlas, Chief Financial Officer of ApyaPower. “Thanks to CIT for his agility and experience in arranging funding for the Wolf Tank Storage project.”
“Apya Power is a leading developer and operator of the world’s most successful Battery Energy Storage Systems (BESS). America,” Said Mike Lorusso, Managing Director and Group Head of CIT’s Electricity and Energy Business. “We are pleased to be able to fund this innovative project to support the production of renewable energy and help maintain a reliable supply of electricity. South texas market. “
CIT’s electricity and energy business is widely recognized as a pioneer and leader in financing battery energy storage systems and renewable energy projects. According to data compiled by Acuris company Inframation, it is consistently ranked as one of the top secured financing arrangers for US-based renewable energy projects.
Power and Energy, part of CIT’s Commercial Finance Division, leverages its in-depth industry knowledge and experience to provide comprehensive finance solutions for renewable energy and traditional power generation. The unit manages a large and diverse portfolio that includes investments in all asset classes in the energy sector.
About CIT
ICT Is a division of First Citizens Bank. AmericaIt inherits a unique legacy of cross-generational strength, stability and long-term thinking.Parent company, First Citizens BancSharesLtd(NASDAQ: FNCCA) Is one of the top 20 financial institutions in the United States. $ 100 billion With assets. Our commercial banking segment offers a wide range of premier banking, leasing, and lending services to coastal to coastal SMEs. First Citizens also operates a network of direct banks nationwide and more than 600 branches in 22 states, many of which are in high-growth markets. Industry specialists bring in-depth experience helping businesses and individuals achieve specific goals at every stage of their financial journey. For more information cit.com/firstcitizens..
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