On June 2023, GridStor closed a $55 million debt financing with NORD/LB to complete its Goleta Energy Storage project in Santa Barbara County, California.
The proceeds supported construction of a 60 MW/160 MWh lithium‑ion facility comprising 44 containerized Tesla battery units.
Once online, the plant was positioned to become the largest battery storage installation in the county and help serve peak demand for the equivalent of 30,000 households.
The financing validated GridStor’s early execution capabilities and NORD/LB’s growing role in standalone battery storage project finance in the U.S.
The Goleta facility achieved commercial operation in December 2023 and began providing resource adequacy services to Southern California Edison.
In March 2024, GridStor monetized investment tax credits for the project via a transfer to J.P. Morgan, complementing the long‑term debt structure. This transaction exemplified the emerging financing toolkit for storage - construction debt, permanent debt, and tax credit transfers under the Inflation Reduction Act.
GridStor and NORD/LB later expanded their relationship with a separate $50 million letter of credit facility in 2025 to backstop the company’s broader pipeline.
On June 2023, GridStor closed a $55 million debt financing with NORD/LB to complete its Goleta Energy Storage project in Santa Barbara County, California.
The proceeds supported construction of a 60 MW/160 MWh lithium‑ion facility comprising 44 containerized Tesla battery units.
Once online, the plant was positioned to become the largest battery storage installation in the county and help serve peak demand for the equivalent of 30,000 households.
The financing validated GridStor’s early execution capabilities and NORD/LB’s growing role in standalone battery storage project finance in the U.S.
The Goleta facility achieved commercial operation in December 2023 and began providing resource adequacy services to Southern California Edison.
In March 2024, GridStor monetized investment tax credits for the project via a transfer to J.P. Morgan, complementing the long‑term debt structure. This transaction exemplified the emerging financing toolkit for storage - construction debt, permanent debt, and tax credit transfers under the Inflation Reduction Act.
GridStor and NORD/LB later expanded their relationship with a separate $50 million letter of credit facility in 2025 to backstop the company’s broader pipeline.
On June 2023, GridStor closed a $55 million debt financing with NORD/LB to complete its Goleta Energy Storage project in Santa Barbara County, California.
The proceeds supported construction of a 60 MW/160 MWh lithium‑ion facility comprising 44 containerized Tesla battery units.
Once online, the plant was positioned to become the largest battery storage installation in the county and help serve peak demand for the equivalent of 30,000 households.
The financing validated GridStor’s early execution capabilities and NORD/LB’s growing role in standalone battery storage project finance in the U.S.
The Goleta facility achieved commercial operation in December 2023 and began providing resource adequacy services to Southern California Edison.
In March 2024, GridStor monetized investment tax credits for the project via a transfer to J.P. Morgan, complementing the long‑term debt structure. This transaction exemplified the emerging financing toolkit for storage - construction debt, permanent debt, and tax credit transfers under the Inflation Reduction Act.
GridStor and NORD/LB later expanded their relationship with a separate $50 million letter of credit facility in 2025 to backstop the company’s broader pipeline.
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