NEW
YORK, Oct. 24, 2023 /PRNewswire/ -- First
Citizens Bank today announced that its Energy Finance business
has served as lead agent on $60
million in financing to Gore Street Energy Storage Fund plc
for the development of a 200-megawatt battery storage project
located in Imperial County,
California.
Gore Street Energy Storage Fund plc (LSE: GSF) is a publicly
traded battery storage company that builds, owns and operates
battery storage projects across the UK, Ireland, Germany and the US. The company's subsidiary,
Big Rock ESS Assets, LLC, owns the 200-megawatt / 400-megawatt hour
California battery storage
project, which will benefit from contracted revenue through the
Resource Adequacy program.
The financing will support the remaining development of the
project and provide Gore Street Energy Storage with additional
liquidity for its growing portfolio.
"We are pleased to work with First Citizens Bank to secure
financing for the Big Rock project," said Alex O'Cinneide, CEO of
Gore Street Capital, the investment manager of Gore Street Energy
Storage Fund. "First Citizens is one of the leading lenders in the
U.S. battery energy storage sector, and we are impressed by their
knowledge and efficiency in arranging financing for this
large-scale energy storage project."
"Big Rock's strategic location and use of commercially proven
Tier 1 technology makes it a valuable addition to Gore Street
Energy Storage Fund's portfolio," said Mike
Lorusso, head of First Citizens' Energy group. "We
appreciated working with the company's highly experienced
investment management team in structuring this unique financing to
support completion of this attractive project."
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 Gore Street Energy Storage Fund
Gore Street Energy Storage Fund plc is
London's first internationally
diversified listed energy storage fund, launched in May 2018. It holds a portfolio totalling
1.17 GW spread across battery storage facilities in
Great Britain and Ireland, Western Mainland Europe and the US.
It is listed on the Premium Segment of the London Stock Exchange
and included in the FTSE All-Share
Index.
About First Citizens Bank
First Citizens Bank
helps personal, business, commercial and wealth clients build
financial strength that lasts. Headquartered in Raleigh, N.C., and
now celebrating the 125th anniversary of its founding, 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:
Lexa Tutela
Losey
212-461-5305
Lexa.Tutela@firstcitizens.com
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SOURCE First Citizens Bank