On December 27, 2024, TransGrid Energy, a leading owner and operator of utility-scale renewable energy projects, successfully closed $705 million in debt financing and executed documentation for a $270 million hybrid tax equity financing commitment and a tax credit transfer transaction of up to $490 million. Wilson Sonsini Goodrich & Rosati advised TransGrid on all aspects of this financing.

TransGrid will use the capital raised from these transactions to fund the construction of two utility-scale, stand-alone battery storage facilities, the Atlas VII and Atlas IX projects (Projects), located in La Paz County, Arizona. With a combined capacity of 450 Megawatt/1,800 Megawatt-hours, the Projects will support grid stability and reliability for energy customers of California.

TransGrid organized a banking consortium, led by Société Générale and Santander, to finance $705 million in project loans. The financing package also includes a $270 million hybrid tax equity commitment from a major financial institution affiliate and a transaction for the sale of up to $490 million in investment tax credits to be generated by the Projects.

The Wilson Sonsini team that advised TransGrid on the transaction includes Elina Coss, Edward Kayukov, Nicole Gambino, Andrew Bryant, Omar Jooma, Michael LaRocca, Claire Christensen, Max Learner, Alison Dietze, and Claire Yerman.

For more information, please see TransGrid's news release.