Eolian Secures Tax Equity Financing for Texas Battery Storage Projects
Eolian, L.P. has entered into a groundbreaking tax equity financing agreement for two utility-scale battery storage projects in Texas. This financing marks the first use of the investment tax credit for standalone energy storage since the Inflation Reduction Act of 2022.
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Eolian, L.P., backed by Global Infrastructure Partners, has secured tax equity financing for its Madero and Ignacio battery storage projects in McAllen, Texas. The projects, with a combined operating capacity of 200 MW, will generate revenue from merchant energy and ancillary services markets without contracted offtakers.
The financing, managed by Churchill Stateside Group, is significant as it represents the first deployment of the investment tax credit for standalone energy storage assets. Eolian's history includes funding over 21,000 MW of generating capacity, emphasizing its position in the U.S. energy sector. This initiative may influence future financing models for energy storage projects, particularly in the context of evolving market dynamics and regulatory frameworks.
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