Flatiron Energy, a developer of utility-scale energy storage projects, secured approximately $540 million in financing from a group of financial institutions to support the construction and operation of the Taft Project.
Taft is a 200 MW/800 MWh battery energy storage project located in Uxbridge, Massachusetts. The project is expected to begin commercial operation in late 2026
The financing comprises construction and bridge loan facilities, term loan facilities, letter of credit facilities, a preferred equity commitment, and a tax credit transfer commitment.
A consortium of banks, including First Citizens Bank and Nord/LB as coordinating lead arrangers, and Societe Generale, Santander, and Investec serving as joint lead arrangers, provided the construction loans, term loans, bridge loans, and letters of credit. Societe Generale acted as green loan coordinating agent, and Santander as hedging coordinator.
A global credit asset manager provided the preferred equity commitment, while a Fortune 500 corporation provided a forward commitment to transfer a portion of the project’s investment tax credits.
Orrick, Herrington & Sutcliffe and Foley Hoag advised Flatiron Energy. Winston & Strawn and Rath, Young and Pignatelli, P.C., represented the lender group.
“We are proud to have co-led the debt financing for Flatiron Energy’s Taft Project – Nord/LB’s third stand-alone BESS financing in NE-ISO. This transaction demonstrates Nord/LB’s commitment to the BESS sector, leveraging deep industry relationships to support new clients, applying innovative structuring to advance build-outs in new markets, and fulfilling our mission to advance the energy transition while meeting energy resiliency and energy security. By bringing added firm capacity to the grid, Taft supports a cleaner, more reliable energy future for the region,” says Sondra Martinez, Head of Project Finance-Origination at Nord/LB.
According to Mercom’s 1H and Q2 2025 Funding and M&A Report for Energy Storage report, announced Energy Storage project financing increased 168% year-over-year in 2025.
In September, Fidra Energy, a developer of battery energy storage projects, secured up to £445 million (~$603 million) in new equity investment from EIG and the National Wealth Fund (NWF). The funding will be used for the development of its Thorpe Marsh battery energy storage project located in Doncaster, South Yorkshire.
