September 2023
Deutsche Bank Trust and Agency Services (TAS) has been selected as administrative agent, collateral agent and depositary bank on a US$435m credit facility for Broad Reach Power
In July 2023, Deutsche Bank supported Broad Reach Power on a US$435m credit facility for its 880 MW portfolio of utility-scale Battery Energy Storage Systems (BESS). This facility supports the construction and operation of 7 BESS projects in Texas and California. The BESS projects are currently under construction and have expected commercial operation dates ranging from late 2023 through Q1 2024.1
“These projects will add reliability and resiliency to the power grid”
Deutsche Bank Infrastructure & Energy was selected as sole bookrunner and coordinating lead arranger and Deutsche Bank TAS was selected as administrative agent, collateral agent and depositary bank.
“Through this industry-leading financing, these projects will add reliability and resiliency to the power grid,” said Stacey Peterson, Chief Executive Officer of Broad Reach Power. “It’s a great day for energy transition and for our team at Broad Reach Power.”
Leading the BESS Market
Through this transaction, Broad Reach is pioneering in the BESS space. The projects include 825 MW in Electric Reliability Council of Texas (ERCOT) and 55 MW in California Independent System Operator (CAISO).
“Broad Reach Power is proud to be on the forefront of financing this new asset class, highlighting our portfolio of projects that have been meticulously developed by the team over the last several years as well as the confidence in our team’s ability to construct and operate quality BESS projects,” Peterson continued. “We look forward to constructing the rest of our development portfolio economically, allowing further renewables integration and providing relief to the country’s often strained transmission systems.”
Brian Studdert, Head of Trust & Agency Services, Americas, Deutsche Bank said, “We are pleased that Broad Reach Power has chosen our team to provide a full suite of agency services on this deal, and, in partnership with Deutsche Bank Infrastructure & Energy, we look forward to supporting Broad Reach’s continued development of battery storage projects.”
About Broad Reach Company
Broad Reach Company is a leading U.S. utility-scale battery storage platform, based in Houston, Texas. Backed by leading energy transition investors, the company develops, owns, and operates energy and hybrid storage-plus-renewables projects across diversified markets, to provide power market participants solutions to better manage risk and match supply and demand.