Global Infrastructure SherpaEolian secures US$463 million financing for Padua 2 and Padua 3 BESS projects
Eolian has closed a US$463 million financing package to support the continued construction of Padua 2 and Padua 3, two battery energy storage systems (BESS) totalling 350MW/1.7GWh in Bexar County, Texas. The financing was arranged by Natixis Corporate & Investment Banking.
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- US$463 million financing package secured for 350MW/1.7GWh BESS projects.
- Eolian L.P., an independent power producer, is the project developer.
- Natixis Corporate & Investment Banking acted as the lender.
- The projects are located in Bexar County, Texas, a region with growing renewable energy capacity.
Source Intelligence
The Padua Complex is expected to be completed in the Spring of 2026, and will provide 400MW/1.8GWh of capacity, sited adjacent to the retiring J.K. Spruce coal plant units and the V.H. Braunig natural gas power plant. Construction started earlier this summer on Padua 2, with a capacity of approximately 150MW/750MWh, and Padua 3, with a capacity of approximately 200MW/1,000MWh. By funding Padua 2 and 3 in one closing, Eolian says it guarantees that construction proceeds smoothly, allowing the projects to meet their scheduled operational start dates in Winter and Spring 2026.
"IPP Eolian has closed a US$463 million financing package"
"This financing, arranged by Natixis Corporate & Investment Banking"
"Earlier this month, Eolian and utility CPS Energy began operating Padua 1"
"All three projects utilise battery energy storage equipment supplied by Tesla."
"H.I.G. Capital-backed energy platform, Greenflash Infrastructure, also recently closed on a hybrid tax capital and debt financing for what it claims to be the largest standalone BESS in Texas, the 400MW/800MWh Project Soho"
Timeline
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