Middle River Power secures $250 million financing via First Citizens

By Marisa Wong

Los Angeles, Nov. 16 – Middle River Power obtained $250 million of financing for its portfolio of 327 MWh battery storage projects in California, with First Citizens Bank’s Energy Finance business and MUFG as co-lead arrangers, according to a press release.

The financing includes a construction loan that will convert to a term loan, a tax equity bridge loan and project letter-of-credit facilities.

Morgan Stanley Renewables Inc. has provided the tax equity commitment for the portfolio.

The portfolio of three battery storage projects will be paired with existing gas-fired peaking generation, creating hybrid facilities providing both low-emissions electricity and long-term reliability to Kings County and Fresno County, Calif.

Middle River Power is a private equity firm based in Chicago.

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