NEW YORK, July 20, 2022 /PRNewswire/ -- CIT, a division of First Citizens Bank, today announced that its Power and Energy business arranged $88 million in financing for a 173-megawatt stand-alone merchant battery storage facility in Texas.
The borrower, Wolf Tank Storage, is an affiliate of Aypa Power Development, which develops, owns and operates numerous utility-scale energy storage and hybrid renewable energy projects that assist in the decarbonization of the electrical grid. Aypa Power is a portfolio company of Blackstone Inc.
Located in Webb County, Texas, the Wolf Tank Storage project will support the delivery of dependable electricity supply in the south region of the Electric Reliability Council of Texas (ERCOT). Construction is already under way and completion is expected in the first quarter of 2023. Siemens Financial Services participated as joint lead arranger in the financing.
"Battery storage is an increasingly valuable component of the electricity generation mix, facilitating the integration of renewable power generation into the electric grid, ensuring dependable electricity flow," said Marc Atlas, Chief Financial Officer of Apya Power. "We appreciated CIT's agility and expertise in arranging financing for the Wolf Tank Storage project."
"Apya Power is a premier developer and operator of successful battery energy storage systems (BESS) across the United States," said Mike Lorusso, managing director and group head for CIT's Power and Energy business. "We are pleased to finance this innovative project that will support renewable power generation and help sustain reliable power in the South Texas market."
CIT's Power and Energy business is widely recognized as a pioneer and leader in the financing of battery energy storage systems and renewable power projects. It consistently ranks among the leading arrangers of secured financing for U.S.-based renewable energy projects, according to data compiled by Inframation, an Acuris company.
Power and Energy, part of CIT's Commercial Finance division, 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.
CIT is a division of First Citizens Bank, the largest family-controlled bank in the United States, continuing a unique legacy of strength, stability and long-term thinking that has spanned generations. Parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $100 billion in assets. The company's commercial banking segment brings a wide array of best-in-class lending, leasing and banking services to middle-market companies and small businesses from coast to coast. First Citizens also operates a nationwide direct bank and a network of more than 600 branches in 22 states, many in high-growth markets. Industry specialists bring a depth of expertise that helps businesses and individuals meet their specific goals at every stage of their financial journey. Discover more at cit.com/firstcitizens.
SOURCE CIT, a division of First Citizens Bank