As lead arranger and joint bookrunner for three project financings from December 2022 to May 2023, Deutsche Bank raised USD 670 million for a loan facility for Plus Power to construct three fully merchant, utility-scale, battery energy storage projects in Texas totalling 700MW in capacity. Deutsche Bank committed to underwrite a large portion of the facility while syndicating to a large group of lenders pre- and post-closing.
Battery storage projects are one of the most rapidly growing asset classes in the clean tech industry. Total battery storage capacity in the U.S. climbed to 12.7 gigawatts by the end of the second quarter of 2023, according to S&P Global, up 61% from the year before.
Read more on Deutsche Bank’s net-zero targets here.
This case study was originally published in the Net-Zero Banking Alliance 2023 Progress Update (December 2023).
Disclaimer: NZBA shares case studies to promote member banks’ awareness of new approaches, tools, products, services, and transactions related to financing the transition to net zero. Featuring a case study naming a particular bank does not represent an endorsement of all actions from that bank.