March 5, 2024

GridStor Announces Close of Tax Credit Sale for Goleta Energy Storage Project

NORD/LB and Mitsubishi HC Capital America will support the clean energy facility through debt financing

PORTLAND, Ore. – March 5, 2024 – GridStor, a developer and operator of utility-scale battery energy storage systems, announced today that it closed its first tax credit sale with J.P. Morgan in support of its Goleta Energy Storage project. The standalone battery energy storage project is the largest lithium-ion battery facility in Santa Barbara County and began operations in December 2023. In addition to the tax credit transfer, GridStor’s Goleta Energy Storage project is financed with long term debt provided by NORD/LB and Mitsubishi HC Capital America.

“This deal demonstrates the superior execution capabilities of our team and the confidence that GridStor has earned from world-leading financial institutions,” said Chris Taylor, CEO of GridStor. “We are proud to work with J.P. Morgan to join the first class of tax credit transfer sales associated with battery energy storage projects in North America.”

The Goleta project contains 44 emission-free batteries that comprise the biggest energy storage facility in Santa Barbara County. The 60 MW / 160 MWh lithium-ion batteries are capable of powering the equivalent of over 30,000 households over the hours each day when the electrical grid is most stressed, providing critical local reliability and support of California’s goal to decarbonize its power sector by 2045.

Battery storage assets are expected to be a significant asset class in the broader energy transition. Battery storage resources are eligible for federal investment tax credits that can now be transferred from asset owners to other business entities with tax liability.

“NORD/LB is delighted to have supported the Goleta stand-alone battery storage project financing,” said Sondra Martinez, Head of Project Finance-Origination at NORD/LB.

Battery storage is an essential part of the energy transition and mission to decarbonize the electric grid, while still ensuring grid resiliency. NORD/LB is a leader in financing storage assets as well as more broadly providing flexible, forward-looking financing solutions in support of all ESG assets across North America, Europe and Asia-Pacific regions.

“Mitsubishi HC Capital America has long been committed to contributing to a prosperous and sustainable future,” said Stéphane Arsenault, senior vice president of sustainable development finance at Mitsubishi HC Capital America. “Supporting GridStor’s mission, as well as their latest battery energy storage project, is perfectly aligned with our plans to provide unique and progressive financing solutions with the global environment in mind.”

Building on more than a decade of experience financing clean technology projects, Mitsubishi HC Capital America has established a dedicated Sustainable Development Group (SDG) to assist customers in achieving their sustainability goals. Their focus areas include clean technology, mobility, digital manufacturing, climate-smart agriculture, and water and water treatment. GridStor’s Goleta project represents the company’s sixth transaction in the battery energy storage sector.

Media Contact
Alaina Gjertsen

About GridStor
GridStor is accelerating America’s transition to a carbon-free economy by building and operating batteries on the power grid, storing electricity to deliver when and where it’s most needed. GridStor develops, acquires, and operates utility-scale, standalone battery storage projects primarily across North America. GridStor is backed by Goldman Sachs Asset Management and comprises a team of seasoned energy professionals with a record of past accomplishments in energy storage and clean energy project acquisition, development, and management. Visit us at and on LinkedIn.


NORD/LB Norddeutsche Landesbank is one of the leading German commercial banks. The core business segments include business with corporate customers, private and commercial customers including private banking as well as special finance in the energy and infrastructure sector, aircraft finance and commercial real estate finance. The bank is headquartered in Hanover, Germany with branches in London, New York and Singapore.

About Mitsubishi HC Capital America

Mitsubishi HC Capital America is a commercial finance company that has extensive capabilities throughout North America with its affiliate, Mitsubishi HC Capital Canada, combining a consultative approach and expansive digital platform to help organizations of all sizes accelerate growth. With $7.5 billion in assets and more than 800 employees, the company is the largest non-captive, non-bank commercial finance company in North America. Mitsubishi HC Capital America partners with equipment manufacturers, dealers and distributors, as well as end customers, in providing customized financial solutions, including transportation and commercial finance. Dedicated to improving the communities where it operates, the company is committed to the United Nations Sustainable Development Goals. Visit

About Goldman Sachs Asset Management

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2.8 trillion in assets under supervision globally as of December 31, 2023. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.