Apex Clean Energy Secures Funding for Energy Storage Projects in Texas

Apex Clean Energy, a renewable energy project developer, secured more than $150 million in project financing for two energy storage projects in Texas with First Citizens Bank Energy Finance business and Bank United serving as co-lead arranger of financings.

The two projects include Great Kiskadee Storage, which is a 100 MW/200 MWh battery energy storage project owned by SA Grid Solutions (a joint venture of Apex, SK Gas, and SK Eternix) and is currently under construction in Hidalgo County, Texas.

The other facility, Angelo Storage, is a 100 MW/200 MWh battery energy storage project in Tom Green County, Texas, under construction. Both projects are expected to reach commercial operation by the third quarter of 2024. Bank United also served as co-lead arranger of the financings.

“Battery storage is crucial to building a more resilient grid and enhancing the reliability and cost-effectiveness of renewable energy—ultimately enabling our mission to accelerate the shift to clean energy,” said Ken Young, Apex Clean Energy CEO. “We greatly appreciated the industry knowledge and expertise of the First Citizens Energy Finance team in helping arrange these financings.”

First Citizens Bank Energy Finance business served as the sole bookrunner for the transaction.

“Apex Clean Energy has a strong and growing reputation throughout the renewable energy industry for identifying attractive clean energy project opportunities and managing them to successful completion,” said Mike Lorusso, managing director and group head for First Citizens Energy Finance. “It was a pleasure to work with them on this financing and we look forward to further opportunities to collaborate in the future.”

According to Mercom’s Q1 2024 Funding and M&A report for Storage and Smart Grid, energy storage project funding increased 65% YoY, coming in at $3.3 billion in nine deals in Q1 2024 compared to $2 billion raised in nine project funding announcements in Q1 2023.

WElink Group, a developer of PV Solar, Wind, BESS, and hybrid clean energy projects in Europe, secured a €20 million (~$21.57 million) borrowing base facility for a 1.6 GW pre-ready-to-build (RTB) energy storage-systems portfolio in Italy.