Funds to be used to complete the largest lithium-ion battery facility in Santa Barbara County.
PORTLAND, Ore. – June 15, 2023 – NORD/LB and GridStor, a developer and operator of grid-scale battery energy storage systems, have announced the close of a $55 million debt financing agreement to complete the development of GridStor’s first energy storage facility in Goleta, California.
The Goleta project will hold 44 emission-free batteries that, once online in Q4 of 2023, will be the biggest energy storage facility in Santa Barbara County. The 60 MW / 160 MWh lithium-ion batteries will be 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 of decarbonize its power sector by 2045.
“Our collaboration with NORD/LB validates GridStor’s investment thesis and secures the execution of our energy storage facility in Santa Barbara County,” said Chris Taylor, CEO of GridStor. “Closing a major financing just one year after our company’s founding also demonstrates our team’s superior capabilities in project execution. We are proud to be a trusted partner to NORD/LB in supporting California’s clean energy transition.”
“We are excited to partner with GridStor as they bring reliability and clean energy to the California grid through its Goleta facility,” said Sondra Martinez, Managing Director at NORD/LB. “We look forward to supporting GridStor’s highly experienced team in its mission to decarbonize the electrical grid.”
Battery storage assets will play a prominent role as part of the broader energy transition. NORD/LB will continue to finance strategic battery assets to support the transition and greater energy reliability.
NORD/LB has been financing renewable energy projects for 30 years, and Goleta represents the fourth standalone battery storage project in the U.S., second as Coordinating Lead Arranger. The bank has established itself both in Germany and in many international markets as an innovator for new and forward-looking financing solutions.
GridStor develops and operates battery facilities directly integrated with American power infrastructure, storing electricity to deliver when it is most needed. 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.
Media Contact
Jessica Resnick-Ault
Jessica.Resnick-Ault@edelmansmithfield.com
About GridStor
GridStor is enabling the transition to a clean energy grid by deploying flexible grid-connected batteries at scale. GridStor develops, acquires, and operates utility-scale, standalone battery storage projects primarily across North America. Visit us at www.gridstor.com and on LinkedIn.
About NORD/LB
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 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 $2.6 trillion in assets under supervision worldwide as of March 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.
