NEW YORK--(BUSINESS WIRE)--In the subhead and second paragraph of release dated December 20, 2018 the entity should read Sumitomo Mitsui Banking Corporation instead of Sumitomo Mitsubishi Banking Corporation.
The corrected release reads:
MACQUARIE CAPITAL ANNOUNCES DEBT FINANCING OF INNOVATIVE CALIFORNIA BATTERY STORAGE PROJECT
- $100 million debt financing to refinance existing systems and expand the portfolio with additional new project construction
- Lead investor CIT joined by Rabobank, Sumitomo Mitsui Banking Corporation
- Macquarie Capital and AMS continue to develop landmark battery storage project
Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie Group ("Macquarie") (ASX:MQG; ADR:MQBKY), today announced the closing of a $100 million debt financing of an innovative battery-based energy storage project in Southern California.
The financing is part of a 52.5 MW / 315 MWh project for Southern California Edison (SCE) which backs the existing 66 MWh portfolio and funds construction of an additional 177 MWh portfolio of behind-the-meter, battery storage systems located in certain grid-constrained pockets of the West Los Angeles Basin service territory. CIT Group, which led the initial financing through its Energy Finance unit, was also the lead investor in the refinancing, joined by Rabobank and Sumitomo Mitsui Banking Corporation.
In 2017, the project became the first non-recourse project financing of battery-based energy storage systems. Macquarie Capital acquired the portfolio from AMS August 2016 and both have been jointly developing and constructing it.
“We are pleased to secure the financing for the next phase of development for this innovative battery storage infrastructure project in Southern California,” said Chris Archer Head of Green Energy Americas for Macquarie Capital. “CIT has been an outstanding financing partner and believer in our track record of financing and developing distributed power assets and we are delighted to welcome new lenders to this growing asset class.”
“CIT is proud to lead the financing of this landmark project, which demonstrates our ongoing commitment to supporting innovation and sustainable solutions in the energy sector,” said Mike Lorusso, managing director and group head for CIT’s Energy Finance unit, part of the company’s Commercial Finance division.
Grid-connected battery storage solutions are increasingly recognized as ways to accelerate adoption of clean energy resources, as well as improve the operating capabilities of the grid, while lowering costs and ensuring reliability.
The fleet of energy storage systems, which are located at various large-load commercial, industrial and government host sites in Los Angeles and Orange counties, will be used for utility grid services including flexible and reserve capacity, solar integration and voltage management in addition to retail energy services such as demand management, back up generation and enhanced power quality.
As part of the project, Irvine Ranch Water District and Macquarie Capital in June announced completion of the nation’s largest energy storage system being used for on-site power – a 2.5 MW/15MWh installation now powering the District’s largest water recycling plant.
About Macquarie Group
Macquarie Group (Macquarie) is a global provider of banking, financial, advisory, investment and funds management services. Macquarie’s main business focus is making returns by providing a diversified range of services to clients. Macquarie acts on behalf of institutional, corporate and retail clients and counterparties around the world. Founded in 1969, Macquarie operates in more than 70 office locations in 25 countries. Macquarie employs over 14,800 people and has assets under management of more than $395.4 billion (as of September 30, 2018). For more information, visit www.macquarie.com.
About Macquarie Capital
Macquarie Capital combines grounded thinking with innovative approaches to develop transformative ideas and realize greater possibilities for our clients - our partners. We look beyond convention to connect our clients with ideas and opportunities others don’t see, while our global platform, specialized expertise and comprehensive services allow us to deliver what others can’t.
Our capabilities encompass corporate advisory and a full spectrum of capital solutions, including capital raising services from equity, debt and private capital markets and principal investments from Macquarie’s own balance sheet. These offerings are reinforced through our deep sector expertise in aerospace, defense and government services, consumer, gaming and leisure, financial institutions, infrastructure and energy, real estate, resources, services, telecommunications, media and technology sectors across the US with 402 transactions completed, valued at $264 billion in the year to 31 March 2018. https://www.macquarie.com/us/corporate/advisory-and-capital-markets/lookbeyond
About CIT
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of Sept. 30, 2018, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company’s commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT’s consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.
About AMS
AMS is a SaaS company with an A.I. software platform that uses deep learning algorithms to enable optimized trading of complex energy assets in wholesale energy markets. AMS’ business is powered by its industry-leading Transactive Energy Management Platform, which AMS and its partners utilize to offer compelling and innovative energy management services to customers, utilities, and asset owners and operators. To learn more, visit www.advmicrogrid.com and follow us on twitter: @advmicrogrid.