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Battery storage project for SoCalEd secures debt financing

Macquarie Group Ltd.'s investing arm, Macquarie Capital, closed a $100 million round of debt financing for an energy storage project in Southern California, according to a corrected Dec. 21 news release.

The financing is part of a 52.5-MW/315-MWh energy storage project for Southern California Edison Co. It backs an existing 66-MWh portfolio and supports the construction of an additional 177-MWh portfolio of behind-the-meter battery storage systems in certain areas of the West Los Angeles Basin service territory.

CIT Group Inc. is the lead investor in the refinancing, joined by Rabobank and Sumitomo Mitsui Banking Corp.

Macquarie Capital and Advanced MicroGrid Solutions Inc. continue to develop and build the battery storage project, according to the news release.

SoCalEd is a subsidiary of Edison International.