Over $1.4 billion in funding has been successfully obtained by TransGrid Energy LLC, a significant participant in utility-scale renewable energy under Hanwha FutureProof, to support the construction of two significant battery storage projects.

The Atlas VII and Atlas IX battery storage projects in La Paz County, Arizona, will be built with the help of the funds. With a total capacity of 450 megawatts/1,800 megawatt-hours, these standalone facilities are intended to improve grid stability and dependability for electricity users in California. Later this year, the projects, which are presently being built by Qcells USA, should be operational.

With their 15-year Resource Adequacy contracts with Southern California Edison, both projects will be vital to California's energy infrastructure and guarantee market resilience for California Independent System Operators (CAISOs). Through a bank consortium headed by Santander and Société Générale as lead arrangers, TransGrid was able to secure the $705 million in project financing.

A $270 million hybrid tax equity commitment from a large financial institution affiliate and a $490 million tax credit transfer transaction from an investment tax credit buyer are also included in the financing package.

Battery storage has been recognized as a crucial element of the clean energy transition by the National Energy Transition Roadmap (NETR). Investments like TransGrid's Atlas VII and Atlas IX projects represent a major step in enhancing grid resilience and lowering carbon emissions as California transitions to a more sustainable energy mix.