Flatiron Energy Closes on $540M for Battery Energy Storage Project — Largest in Massachusetts

Flatiron Energy has reached financial close on $540 million to support the Taft Project, a 200 MW / 800 MWh battery energy storage facility to be built in Massachusetts-the largest in the state.

Orrick represented Flatiron Energy in connection with the debt financing, preferred equity financing, sale of investment tax credits (ITCs) and offtake arrangements.

THE COMPANY

Flatiron Energy develops, owns and operates utility-scale battery energy storage systems, managing every phase from property acquisition through construction to long-term operations. The company is dedicated to enhancing grid reliability and meeting the evolving energy needs of communities.

THE IMPACT

The debt financing commitments for the project include construction and bridge loan facilities, term loan facilities and letter of credit facilities. The preferred equity financing features a commitment from funds managed by a premier global credit asset manager, as well as a forward commitment from a Fortune 500 corporation to transfer a portion of the project's ITCs.

"Now more than ever, addressing the demand for critical reliability infrastructure across the Northeast and Mid-Atlantic requires sophisticated and supportive capital," said Dan Myers, Flatiron's Chief Investment Officer.

THE TEAM

Orrick's Louise Gibbons, Lisa Magged, John Eliason and Rohit Sachdev led the team that advised Flatiron Energy. The team also included Jeff Quinn-Cane, Bart Kempf, Mark Christy, Cory Lankford, Nik Mathews, Helen Aki, Li Shen, Zach Huey, Connor Steelberg, Trudie Makens, Will Davis, John Azzopardi, Wenlong Zhuge, Chelsea Munoz-Patchen, Mary Kate Murray, Jungyoon Yang, Adrianne Davies and Renee Serota.

LEARN MORE

• Flatiron Energy's news release
• Read More Orrick Client Results