Funding and M&A Roundup: Torus Raises $67 Million to Advance Energy Storage Solutions

Gore Street Energy Storage Fund, a UK-based energy storage fund, secured financing for a 200 MW energy storage project in Imperial County, California. The First Citizens Bank, through its energy finance business, served as the lead agent.

The company’s subsidiary, Big Rock ESS Assets, owns the 200 MW/ 400 MWh California battery storage project, which will benefit from contracted revenue through the Resource Adequacy program. The financing will support the remaining development of the project and provide Gore Street Energy Storage with additional liquidity for its growing portfolio.

“We are pleased to work with First Citizens Bank to secure financing for the Big Rock project,” said Alex O’Cinneide, CEO of Gore Street Capital, the investment manager of Gore Street Energy Storage Fund. “First Citizens is one of the leading lenders in the U.S. battery energy storage sector, and we are impressed by their knowledge and efficiency in arranging financing for this large-scale energy storage project.”

“Big Rock’s strategic location and use of commercially proven Tier 1 technology makes it a valuable addition to Gore Street Energy Storage Fund’s portfolio,” said Mike Lorusso, head of First Citizens’ Energy group. “We appreciated working with the company’s highly experienced investment management team in structuring this unique financing to support completion of this attractive project.”

According to Mercom’s recently released 9M and Q3 2023 Energy Storage and Smart Grid Report, there were 26 announced Energy Storage project funding deals in 9M 2023, bringing in a combined $6.8 billion compared to $5.4 billion in 34 deals in 9M 2022.

Spearmint Energy, an energy storage project developer, recently announced the successful closure of a $92 million tax equity investment for a 150 MW/300 MWh battery energy storage project in West Texas provided by Greenprint Capital Management, an investment firm.