US represents lenders in historic debt financing of battery storage project

United States Press release - Business February 12, 2021

Global law firm Norton Rose Fulbright advised the lenders on the US$93.3 million debt financing supporting Key Capture Energy LLC’s portfolio of six battery energy storage systems in Texas. CIT, Rabobank and Siemens Financial Services co-arranged the financing. 

Key Capture Energy LLC is a leading developer, owner and operator of battery energy storage systems (BESS) projects in the United States, with an overall development pipeline of more than 2.5 gigawatts in New York, Texas and New England.

The deal marked a milestone for standalone utility-scale battery storage in the US with project finance lenders providing construction debt.

New York Partner Ikenna Emehelu, who led Norton Rose Fulbright's deal team, said:

“This is a landmark transaction. It shows that the market is developing innovative financing solutions for energy storage, whose business case differ from both traditional thermal generators and intermittent renewable resources.” 

The Norton Rose Fulbright projects team also included Deanne Barrow (Washington, DC) and Lara Thiele (New York). The core team was assisted by Marian Baldwin Fuerst, Christy Rivera, Andrew Skroback, Marie Matousek (New York); Sam Porter (Austin, New York); and Geetika Jerath (Houston).


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