UBS Asset Management nabs USD 316m for battery storage in Texas

A battery energy storage-focused fund at UBS Asset Management has secured USD 315.7 million (EUR 284.3m) in financing for a quartet of battery energy storage system (BESS) projects in Texas that should be realised this year.

This was announced on Wednesday by Deutsche Bank and First Citizens Bank which served as co-lead arrangers on the transaction. More specifically, Deutsche Bank Trust Company Americas acted as administrative agent, while SocGen and Siemens were joint lead arrangers. The syndicate was rounded out by BankUnited, Mitsubishi HC Capital, and Bayern LB.

Together, the four projects in question represent 730 MW/1,049 MWh of total capacity.

“We see expanding opportunities for battery storage systems, such as these four projects in Texas, to support the reliability and cost-effectiveness of clean energy sources,” commented Ken-Ichi Hino, Co-head of the Energy Storage investment strategy at UBS Asset Management.

(USD 1.0 = EUR 0.900)

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