In the subhead and second paragraph of release dated December 20, 2018
the entity should read Sumitomo Mitsui Banking Corporation instead of
Sumitomo Mitsubishi Banking Corporation.
The corrected release reads:
MACQUARIE CAPITAL ANNOUNCES DEBT FINANCING OF INNOVATIVE CALIFORNIA
BATTERY STORAGE PROJECT
$100 million debt financing to refinance existing systems and expand
the portfolio with additional new project construction
Lead investor CIT joined by Rabobank, Sumitomo Mitsui Banking
Macquarie Capital and AMS continue to develop landmark battery storage
Macquarie Capital, the corporate advisory, capital markets and principal
investing arm of Macquarie Group ("Macquarie") (ASX:MQG; ADR:MQBKY),
today announced the closing of a $100 million debt financing of an
innovative battery-based energy storage project in Southern California.
The financing is part of a 52.5 MW / 315 MWh project for Southern
California Edison (SCE) which backs the existing 66 MWh portfolio and
funds construction of an additional 177 MWh portfolio of
behind-the-meter, battery storage systems located in certain
grid-constrained pockets of the West Los Angeles Basin service
Group, which led the initial financing through its Energy
Finance unit, was also the lead investor in the refinancing, joined
by Rabobank and Sumitomo Mitsui Banking Corporation.
In 2017, the project became the first non-recourse project financing of
battery-based energy storage systems. Macquarie Capital acquired the
portfolio from AMS August 2016 and both have been jointly developing and
“We are pleased to secure the financing for the next phase of
development for this innovative battery storage infrastructure project
in Southern California,” said Chris Archer Head of Green Energy Americas
for Macquarie Capital. “CIT has been an outstanding financing partner
and believer in our track record of financing and developing distributed
power assets and we are delighted to welcome new lenders to this growing
“CIT is proud to lead the financing of this landmark project, which
demonstrates our ongoing commitment to supporting innovation and
sustainable solutions in the energy sector,” said Mike Lorusso, managing
director and group head for CIT’s Energy Finance unit, part of the
Grid-connected battery storage solutions are increasingly recognized as
ways to accelerate adoption of clean energy resources, as well as
improve the operating capabilities of the grid, while lowering costs and
The fleet of energy storage systems, which are located at various
large-load commercial, industrial and government host sites in Los
Angeles and Orange counties, will be used for utility grid services
including flexible and reserve capacity, solar integration and voltage
management in addition to retail energy services such as demand
management, back up generation and enhanced power quality.
As part of the project, Irvine Ranch Water District and Macquarie
Capital in June announced
completion of the nation’s largest energy storage system being used
for on-site power – a 2.5 MW/15MWh installation now powering the
District’s largest water recycling plant.
About Macquarie Group
Macquarie Group (Macquarie) is a global provider of banking, financial,
advisory, investment and funds management services. Macquarie’s main
business focus is making returns by providing a diversified range of
services to clients. Macquarie acts on behalf of institutional,
corporate and retail clients and counterparties around the world.
Founded in 1969, Macquarie operates in more than 70 office locations in
25 countries. Macquarie employs over 14,800 people and has assets under
management of more than $395.4 billion (as of September 30, 2018). For
more information, visit www.macquarie.com.
About Macquarie Capital
Macquarie Capital combines grounded thinking with innovative approaches
to develop transformative ideas and realize greater possibilities for
our clients - our partners. We look beyond convention to connect our
clients with ideas and opportunities others don’t see, while our global
platform, specialized expertise and comprehensive services allow us to
deliver what others can’t.
Our capabilities encompass corporate advisory and a full spectrum of
capital solutions, including capital raising services from equity, debt
and private capital markets and principal investments from Macquarie’s
own balance sheet. These offerings are reinforced through our deep
sector expertise in aerospace, defense and government services,
consumer, gaming and leisure, financial institutions, infrastructure and
energy, real estate, resources, services, telecommunications, media and
technology sectors across the US with 402 transactions completed, valued
at $264 billion in the year to 31 March 2018. https://www.macquarie.com/us/corporate/advisory-and-capital-markets/lookbeyond
CIT is a leading national bank focused on empowering businesses and
personal savers with the financial agility to navigate their goals. CIT
Group Inc. (NYSE: CIT) is a financial holding company with over a
century of experience, approximately $50 billion in assets as of Sept.
30, 2018, and operates a principal bank subsidiary, CIT Bank, N.A.
(Member FDIC, Equal Housing Lender). The company’s commercial banking
segment includes commercial financing, real estate financing, equipment
financing, factoring and railcar financing. CIT’s consumer banking
segment includes its national online bank, CIT
Bank, and a Southern California branch bank, OneWest
Bank. Discover more at cit.com/about.
AMS is a SaaS company with an A.I. software platform that uses deep
learning algorithms to enable optimized trading of complex energy assets
in wholesale energy markets. AMS’ business is powered by its
industry-leading Transactive Energy Management Platform, which AMS and
its partners utilize to offer compelling and innovative energy
management services to customers, utilities, and asset owners and
operators. To learn more, visit www.advmicrogrid.com
and follow us on twitter: @advmicrogrid.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181220005996/en/