Friday, December 21, 2018
Macquarie Capital Provides $100M In Debt For Battery Storage Projects
Macquarie Capital, the investing arm of Macquarie Group, says it has provided $100M in a debt financing, to back development of a new battery-based energy storage project in Southern California. According to Macquarie Capital, the debt funding is part of a 52.5 MW / 315 MWh project for Southern California Edison (SCE), and will fund construction of an additional 177 MWh of behind-the-meter battery storage systems across the West Los Angeles Basin service territory. The initial funding was led by CIT Group, and also included Rabobank and Sumitomo Mitsubishi Banking Corporation. One of those battery storage systems was installed by the Irvine Ranch Water District and Macquarie Capital in June, featuring batteries from Tesla Motors and now powering the District's water recycling plant. The battery banks being installed in the project are at large-load commercial, industrial and government host sites in Los Angeles and Orange counties, and are being used by Southern California Edison to handle extra power demand, particularly in grid-constrained areas. Photo: installation of those battery storage systems in Irvine, via Irvine Ranch Water District.