DLA Piper advises CIT Bank, Rabobank and SMBC on financing for innovative California battery storage portfolio

DLA Piper represented CIT Bank, Sumitomo Mitsui Banking Corporation and Coöperatieve Rabobank U.A., New York Branch in the US$100 million project financing and refinancing of the continuing expansion and development of a landmark fleet of behind-the-meter battery energy storage systems in Southern California for Macquarie Capital (USA) Inc. and affiliates.

The financing supports a 52.5 megawatt / 315 megawatt-hour battery storage project portfolio for Southern California Edison (SCE), which backs the existing 66 megawatt-hour portfolio and funds construction of an additional 177 megawatt-hour portfolio of behind-the-meter, battery storage systems located in certain grid-constrained pockets of the West Los Angeles Basin service territory.

The DLA Piper team was led by partners Timothy Moran (Washington, DC), Philip Corsello (New York) and Vanessa Wilson (Washington, DC), and included partners Andrea Chambers (Washington, DC) and Claire Hall (Los Angeles); of counsel Sameer Ghaznavi (Chicago); and associate Jonathan Wright (Washington, DC).