$74m in Construction and Term Debt for Hidden Lakes Project
Last Updated: Mar 2025
GridStor secured a $74 million construction-and-term debt facility led by First Citizens Bank’s Energy Finance group to fund the Hidden Lakes Reliability Project in Galveston County, Texas.
The financing supported final buildout of a 220 MW/440 MWh standalone battery energy storage system aimed at delivering dispatchable capacity during ERCOT peak hours.
GridStor, owned by funds managed by Goldman Sachs Asset Management, positioned the project to bolster grid resilience amid rapid load growth in the Houston area.
The structure contemplated a construction phase rolling into term debt upon commercial operation, aligning with typical utility‑scale storage project finance.
Hidden Lakes subsequently entered service, with GridStor dedicating the facility on November 4, 2025.
Once operational, the system can support the equivalent demand of roughly 140,000 Texas homes during peak periods.
Following completion, GridStor also executed an $86 million transfer of investment tax credits to monetize federal incentives and round out the project’s capital stack. The deal highlights growing lender appetite for large, near‑term ERCOT storage assets with clear revenue pathways.
GridStor secured a $74 million construction-and-term debt facility led by First Citizens Bank’s Energy Finance group to fund the Hidden Lakes Reliability Project in Galveston County, Texas.
The financing supported final buildout of a 220 MW/440 MWh standalone battery energy storage system aimed at delivering dispatchable capacity during ERCOT peak hours.
GridStor, owned by funds managed by Goldman Sachs Asset Management, positioned the project to bolster grid resilience amid rapid load growth in the Houston area.
The structure contemplated a construction phase rolling into term debt upon commercial operation, aligning with typical utility‑scale storage project finance.
Hidden Lakes subsequently entered service, with GridStor dedicating the facility on November 4, 2025.
Once operational, the system can support the equivalent demand of roughly 140,000 Texas homes during peak periods.
Following completion, GridStor also executed an $86 million transfer of investment tax credits to monetize federal incentives and round out the project’s capital stack. The deal highlights growing lender appetite for large, near‑term ERCOT storage assets with clear revenue pathways.
GridStor secured a $74 million construction-and-term debt facility led by First Citizens Bank’s Energy Finance group to fund the Hidden Lakes Reliability Project in Galveston County, Texas.
The financing supported final buildout of a 220 MW/440 MWh standalone battery energy storage system aimed at delivering dispatchable capacity during ERCOT peak hours.
GridStor, owned by funds managed by Goldman Sachs Asset Management, positioned the project to bolster grid resilience amid rapid load growth in the Houston area.
The structure contemplated a construction phase rolling into term debt upon commercial operation, aligning with typical utility‑scale storage project finance.
Hidden Lakes subsequently entered service, with GridStor dedicating the facility on November 4, 2025.
Once operational, the system can support the equivalent demand of roughly 140,000 Texas homes during peak periods.
Following completion, GridStor also executed an $86 million transfer of investment tax credits to monetize federal incentives and round out the project’s capital stack. The deal highlights growing lender appetite for large, near‑term ERCOT storage assets with clear revenue pathways.
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