First Citizens Bank Serves as Co-Lead Arranger on $315.7 Million in Financing for Four Texas Battery Energy Storage Projects

NEW YORK — Sept. 4, 2024 — First Citizens Bank today announced that its Energy Finance business served as co-lead arranger on $315.7 million of financing for four battery energy storage systems in Texas.

The projects, which collectively represent 730MW / 1,049MWh of capacity, are being developed by an affiliate of UBS Asset Management’s Energy Storage Investment Fund I. Commercial operation of all four battery storage projects is expected later this year.

Battery energy storage systems are increasingly seen as a key component for supporting grid stability and reliability, as well as for maximizing the value of renewable power generation. First Citizens Energy Finance has long been recognized as a leader in structuring battery storage financings.

“We see expanding opportunities for battery storage systems, such as these four projects in Texas, to support the reliability and cost-effectiveness of clean energy sources,” said Ken-Ichi Hino, Co-head of the Energy Storage investment strategy at UBS Asset Management. "We greatly appreciated the industry knowledge and expertise of First Citizens Energy Finance in helping arrange this financing."

“These four battery projects represent a significant addition to the battery energy storage capacity of the Texas electrical system,” said Mike Lorusso, who heads First Citizens Energy Finance. “We were pleased to serve as co-lead arranger for these important projects and to work closely with UBS to deliver a successful financing.”

First Citizens Energy Finance leverages its deep industry knowledge and expertise to offer comprehensive financing solutions for renewable and conventional power generation. The unit manages a large, diverse portfolio that includes investments in all asset classes across the energy sector.

About First Citizens Bank

First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com.