GridStor secures $120m for Gunnar Reliability Project in Texas

Financing Details - GridStor has secured a financing package of $120 million (€103.04 million) from NORD/LB and Siemens Financial Services for the Gunnar Reliability Project, a battery energy storage facility in Texas [1] - The financing includes construction and tax equity bridge loans, as well as letters of credit, marking Siemens Financial Services' first collaboration with GridStor [2] Project Overview - The Gunnar Reliability Project features a 150MW/300MWh facility in Hidalgo County, aimed at enhancing energy reliability in the Lower Rio Grande Valley region [1][3] - Construction is currently underway, involving over 100 skilled tradespersons and apprentices, with the facility expected to be operational by late 2026 [3] Operational Impact - Once operational, the facility is projected to supply power equivalent to the demand of 95,000 average Texas households during peak demand periods [3] - GridStor's CEO highlighted that this transaction is a significant milestone in the company's portfolio growth, emphasizing the importance of reliability contributions to the Texas power grid [4] Company Background - The Gunnar Reliability Project is GridStor's second project in Texas, following the completion of the 220MW/440MWh Hidden Lakes Reliability Project in late 2025 [5] - GridStor is supported by Goldman Sachs Asset Management and currently manages 530MW/1.3GWh of battery energy storage assets, with a development pipeline exceeding 3GW across the western and central US regions [5]