NEW
YORK, May 14, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its Energy
Finance business served as sole bookrunner and co-lead
arranger on financings totaling more than $150 million for two Apex Clean Energy ("Apex")
battery energy storage projects in Texas.
One project, Great Kiskadee Storage, is a 100MW/200MWh battery
energy storage system owned by SA Grid Solutions (a joint venture
of Apex, SK Gas, and SK Eternix) and under construction in
Hidalgo County, Texas. The other,
Angelo Storage, is a 100MW/200MWh
battery energy storage system, also under construction, in
Tom Green County, Texas.
Both are expected to reach commercial operation by the third
quarter of 2024. Bank United also served as co-lead arranger on the
financings.
Founded in 2009 and headquartered in Charlottesville, Virginia, Apex Clean Energy
focuses on the origination, construction and operation of
utility-scale wind, solar and battery storage projects, distributed
energy resources, and green fuel technologies.
"Battery storage is crucial to building a more resilient grid
and enhancing the reliability and cost-effectiveness of renewable
energy—ultimately enabling our mission to accelerate the shift to
clean energy," said Ken Young, Apex
Clean Energy CEO. "We greatly appreciated the industry knowledge
and expertise of the First Citizens Energy Finance team in helping
arrange these financings."
"Apex Clean Energy has a strong and growing reputation
throughout the renewable energy industry for identifying attractive
clean energy project opportunities and managing them to successful
completion," said Mike Lorusso,
managing director and group head for First Citizens Energy Finance.
"It was a pleasure to work with them on this financing and we look
forward to further opportunities to collaborate in the future."
First Citizens Energy Finance leverages its deep industry
knowledge and expertise to offer comprehensive financing solutions
for renewable and conventional power generation. The unit manages a
large, diverse portfolio that includes investments in all asset
classes across the energy sector.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a
unique legacy of strength, stability and long-term thinking that
has spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets.
Discover more at firstcitizens.com.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/first-citizens-bank-serves-as-sole-bookrunner-and-co-lead-arranger-on-150-million-in-financing-for-battery-energy-storage-projects-302142431.html
SOURCE First Citizens Bank