San Antonio, Texas – The North American Development Bank (NADBank) is joining a consortium of lenders in an existing US$202.3 million First Citizens Bank-led senior secured credit facility supporting Anemoi Energy Storage, LLC, a special-purpose vehicle formed by Plus Power, LLC, for the design, construction and operation of a battery storage system (BESS) with a capacity of 200 megawatts of alternating current (MWAC) and two hours of duration that will help increase energy storage capacity in the Texas grid.
The BESS will be constructed on 19.4 acres of private land in Hidalgo County, Texas, located near the city of McAllen and 23 miles north of the U.S.-Mexico border. The facility will include an electrical substation to convert the electricity sent from the BESS to the grid, as well as the electricity received from the grid to be stored in the battery system and a 1,100-foot transmission line to connect the project substation to the Pomelo Substation located east of the project site.
The system is expected to store up to 118,377 megawatt-hours (MWh) of energy per year. As a result, the project will displace the emission of an estimated 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). The electricity stored and delivered annually by the BESS will be equivalent to serving up to 28,597 households.
“NADBank is pleased to advance its development asset portfolio with energy storage projects” stated Calixto Mateos Hanel, NADBank Managing Director. He added that “one of the most efficient solutions for regulating and maximizing the use of electricity in the grid, from both baseload and renewable sources, is battery storage systems. We congratulate Anemoi for supporting Texas in its transition to a low-carbon grid.”
“Over the last year, Plus Power has raised an unparalleled amount of capital for standalone storage projects from a wide range of leading energy project finance banks and investors,” said Josh Goldstein, chief financial officer of Plus Power. “This capital will support the ongoing buildout of the largest and most diverse portfolio of standalone storage projects in the U.S. The scale highlights our first-mover advantage in bringing high-quality projects to market as well as the tremendous work by our fantastic team.”
Goldstein added, “We deeply value our financing partners, including NADBank, who support the construction and operation of our wide portfolio across the U.S., enabling decarbonization and the transition to a more efficient grid.”
NADBank is a financial institution established and capitalized in equal parts by the United States and Mexico for the purpose of financing environmental infrastructure projects along their common border. As a pioneer institution in its field, the Bank is working to develop environmentally and financially sustainable projects with broad community support in a framework of close cooperation and coordination between Mexico and the United States.