Mayer Brown advises TransGrid Energy on $1.2 billion financing for 382.4 MW standalone battery storage project in Arizona

Mayer Brown represented TransGrid Energy LLC (TransGrid), a leading owner and operator of utility-scale renewable energy projects, in connection with approximately $1.2 billion in related financing transactions to fund the construction of its Atlas VIII standalone battery storage project in La Paz County, Arizona. When completed, the Atlas VIII project will deliver 382.4 megawatts/1,529.6 megawatt-hours of storage capacity, supporting grid reliability, stability, capacity, and resilience for energy customers in California.

The Atlas VIII financing transactions include $656 million in debt financing, a $165 million hybrid tax equity commitment from a major US financial institution and up to $350 million in tax credit transfer funding commitments from three tax credit purchasers for investment tax credits to be generated by the Atlas VIII project.  Mayer Brown acted as TransGrid’s counsel for the debt, hybrid tax equity, and tax credit transfer transactions.

The Mayer Brown team was led by partner Elina Coss and included partners Dan Kiely (tax), Isaac Maron (tax), Chad Richards (federal regulatory) and Trevor Shelton, counsel Edward Kayukov, and associates Mike LaRocca, Jimmie Zhang, Olivia Bloomhuff and Kseniia Kolontai. The team was based in the firm’s Chicago, Houston, London, Los Angeles, New York, and Washington DC offices.

###