Flatiron Energy Secures $540 Million for 800MWh Storage Project
Last Updated: Sep 2025
Fundraising Summary
In September 2025, Flatiron Energy closed on approximately $540 million in financing commitments from leading financial institutions to support the construction and operations of the Taft Project in Uxbridge, Massachusetts.
The Project
The Taft Project is a 200MW / 800MWh battery energy storage asset expected to reach commercial operations in late 2026. The project is being built on land that was previously an industrial development along a transmission line corridor, with the battery system capable of storing enough energy to supply about 40,000 Massachusetts households for one month.
This will be the largest battery energy storage project in Massachusetts.
Capital Stack
The financing is structured across multiple facilities including construction and bridge loan facilities, term loan facilities, letter of credit facilities, a preferred equity commitment, and a tax credit transfer commitment.
Debt Providers:
First Citizens Bank and Nord/LB served as Coordinating Lead Arrangers
Société Générale, Santander, and Investec served as Joint Lead Arrangers
Société Générale acted as green loan coordinating agent, and Santander as hedging coordinator
Other Capital:
A global credit asset manager provided the preferred equity commitment
A Fortune 500 corporation provided a forward commitment to transfer a portion of the project's investment tax credits
Fundraising Summary
In September 2025, Flatiron Energy closed on approximately $540 million in financing commitments from leading financial institutions to support the construction and operations of the Taft Project in Uxbridge, Massachusetts.
The Project
The Taft Project is a 200MW / 800MWh battery energy storage asset expected to reach commercial operations in late 2026. The project is being built on land that was previously an industrial development along a transmission line corridor, with the battery system capable of storing enough energy to supply about 40,000 Massachusetts households for one month.
This will be the largest battery energy storage project in Massachusetts.
Capital Stack
The financing is structured across multiple facilities including construction and bridge loan facilities, term loan facilities, letter of credit facilities, a preferred equity commitment, and a tax credit transfer commitment.
Debt Providers:
First Citizens Bank and Nord/LB served as Coordinating Lead Arrangers
Société Générale, Santander, and Investec served as Joint Lead Arrangers
Société Générale acted as green loan coordinating agent, and Santander as hedging coordinator
Other Capital:
A global credit asset manager provided the preferred equity commitment
A Fortune 500 corporation provided a forward commitment to transfer a portion of the project's investment tax credits
Fundraising Summary
In September 2025, Flatiron Energy closed on approximately $540 million in financing commitments from leading financial institutions to support the construction and operations of the Taft Project in Uxbridge, Massachusetts.
The Project
The Taft Project is a 200MW / 800MWh battery energy storage asset expected to reach commercial operations in late 2026. The project is being built on land that was previously an industrial development along a transmission line corridor, with the battery system capable of storing enough energy to supply about 40,000 Massachusetts households for one month.
This will be the largest battery energy storage project in Massachusetts.
Capital Stack
The financing is structured across multiple facilities including construction and bridge loan facilities, term loan facilities, letter of credit facilities, a preferred equity commitment, and a tax credit transfer commitment.
Debt Providers:
First Citizens Bank and Nord/LB served as Coordinating Lead Arrangers
Société Générale, Santander, and Investec served as Joint Lead Arrangers
Société Générale acted as green loan coordinating agent, and Santander as hedging coordinator
Other Capital:
A global credit asset manager provided the preferred equity commitment
A Fortune 500 corporation provided a forward commitment to transfer a portion of the project's investment tax credits
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