OCI finances Texas BESS
Texas-based OCI Energy has closed on construction financing for its Project Alamo City, a 120MW, four-hour duration battery energy storage system under development in Bexar County, Texas.
ING was administrative agent on the financing, which comprises a construction-to-term loan, a tax equity bridge loan and letters of credit. The amount was not disclosed.
OCI has a 20-year storage capacity agreement with utility CPS Energy that supports the BESS. OCI is responsible for development, financing, construction and ownership of the project and CPS Energy will have operational control. Project Alamo City is expected to enter commercial operation in Q3 2027. OCI Energy is targeting up to 10GW in the US by 2028. Foley & Lardner provided legal counsel to OCI Energy and Skadden, Arps, Slate, Meagher & Flom represented ING.
