GridStor closes $120M financing for 150 MW / 300 MWh Gunnar Reliability Project BESS in Texas

GridStor, a Portland, Oregon-based developer launched in 2022 with Goldman Sachs Asset Management backing, has secured $120 million in financing for its 150 MW / 300 MWh Gunnar Reliability Project BESS in Hidalgo, Texas. This capital injection enables the advancement of a critical utility-scale battery storage asset, demonstrating GridStor's execution capability in a high-demand market. The 2-hour duration of the 300 MWh system is optimized for grid stability and energy arbitrage within the Texas ERCOT market, addressing the growing need for flexible capacity. This financing allows GridStor to expand its operational footprint as an owner and operator of such systems, aligning directly with its core mission. The deal structure, involving two established lenders, suggests robust project economics and confidence in the revenue streams generated by the Texas BESS. NORD/LB, a German Landesbank active in structured finance, and Siemens Financial Services (SFS), Siemens' financing arm, provided the $120 million debt package for the Gunnar Reliability Project. NORD/LB's participation in this Texas-based energy infrastructure project confirms its continued appetite for US renewables, aligning with its focus on corporate customers and investment activities. For SFS, the financing of a 150 MW / 300 MWh BESS in Hidalgo directly supports its mandate to provide project and equipment finance for energy infrastructure investments. GridStor, backed by Goldman Sachs Asset Management since its 2022 launch, further solidifies its position as a rapidly scaling utility-scale battery storage developer and operator with this successful project financing in Texas.