Energy efficiency
26 March 2019
The financing announced today funds construction of an additional 97 MWh portfolio and, once fully constructed, will complete a 63 MW / 340 MWh project for Southern California Edison (SCE) of behind-the-meter, battery storage systems located in grid-constrained pockets of the West Los Angeles Basin service territory. CIT Group, which led the initial financing through its Power and Energy Finance unit, was also the lead lender in the second financing in December and this financing, which was joined by Rabobank, Sumitomo Mitsui Banking Corporation and ING.
Macquarie acquired the original portfolio from AMS in August 2016 and together Macquarie and AMS have been jointly developing and constructing it. The project’s first debt financing in 2017 was a first-of-its kind non-recourse project financing of distributed battery-based energy storage systems.
Chris Archer
Head of Green Energy Americas
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.
Mike Lorusso
Managing Director and Group Head of CIT’s Power and Energy unit
Last week, AMS announced that its virtual powerplant project in Southern California delivered over 2 GWh of grid services to the California Independent System Operator in its first year of operation. In June, Irvine Ranch Water District and Macquarie 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.
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About AMS
AMS is a SaaS company with an A.I. software platform that uses deep learning algorithms to enable optimized dispatch and trading of complex energy assets in energy markets. AMS's 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 project developers. To learn more, please visit www.advmicrogrid.com and follow us on twitter: @advmicrogrid.