Capital Dynamics bags tax equity for 60 MW/240 MWh California Flats battery

Asset manager Capital Dynamics last week said it has completed tax equity financing for a 60 MW/240 MWh battery storage project at the site of the 280-MW California Flats solar complex.

The tax equity investments, secured through Capital Dynamics’ Clean Energy Infrastructure (CEI) business, were provided from Goldman Sachs and US Bank. Amis, Patel & Brewer, LLP acted as Capital Dynamics’ legal advisor in the financing deal.

The California Flats battery energy storage system (BESS) is being installed within the California Flats photovoltaic (PV) park in San Luis Obispo and Monterey counties, which was commissioned in 2019. The construction process is overseen by Arevon, a Capital Dynamics affiliate, which will also operate the facility once it is switched on later this year.

In April this year, technology company Apple Inc said it is building the California Flats BESS next to the namesake solar farm. To be equipped with 85 lithium-ion megapack batteries by Tesla, the facility will be hooked to the 130-MW portion of California Flats that Apple has contracted under a power purchase agreement (PPA) for its operations.

Choose your newsletter by Renewables Now. Join for free!