Eolian, a U.S. developer, owner, and operator of renewable energy and energy storage infrastructure, secured $463 million financing package from Natixis Corporate and Investment Banking.
The funding will be used for the development and construction of the Padua 2 and Padua 3 battery energy storage systems, totaling 350 MW/1.7 GWh, in Bexar County, Texas.
The financing will support the completion of the final stages of the Padua Complex, which is projected to be finished by spring 2026. The projects are strategically situated near the retiring J.K. Spruce coal plant and the V.H. Braunig gas plant.
The first phase, Padua 1, a 50 MW system with a duration of roughly two hours, is already in commercial operation. Construction on Padua 2 and Padua 3 began earlier this summer, adding 150 MW and 200 MW of capacity, respectively, each designed for approximately five-hour discharge durations. All three projects utilize battery energy storage equipment supplied by Tesla.
“Under Governor Abbott’s leadership, Texas is showing the nation how to build energy infrastructure today that ensures sustained economic expansion for the future. By calling for and then passing into law new reliability products for the Texas grid, the Governor and the Legislature sent a clear market signal expressing the need and desire for the deployment of battery energy storage systems designed with four-hour or longer duration that directly led to our substantial investment in this project,” said Aaron Zubaty, CEO of Eolian. “Texas and the Padua Complex demonstrate how building battery energy storage at this speed and scale to meet urgent market needs and to better use the existing transmission network will act as a vital bridge between now and 2030, buying time to allow other technologies to scale and ramp up production and deployment while enabling continued load growth.”
According to Mercom’s 1H and Q2 2025 Funding and M&A Report for Energy Storage, announced Energy Storage project financing increased 168% year-over-year in 2025.
Green Genius, a renewable energy company, closed a €25.3 million (~$29.9 million) financing for the construction and development of a 196 MWh battery energy storage project in Antkalniškiai village, Jurbarkas district, Lithuania.
