GridStor, a developer and operator of utility-scale battery energy storage systems, announced the close of a $120 million financing package from NORD/LB and Siemens Financial Services to support the Gunnar Reliability Project in Hidalgo County, Texas.
The financing includes construction and tax equity bridge loans as well as letters of credit that will support the development of the 150 MW, 300 MWh battery energy storage facility. The project represents GridStor’s second battery storage development in Texas and is expected to be placed into service in late 2026.
Construction on the Gunnar Reliability Project is already underway and currently supports a workforce of more than 100 skilled tradespeople and apprentices. Once operational, the facility will provide electricity during peak demand periods equivalent to powering approximately 95,000 average Texas households within the Lower Rio Grande Valley region of the ERCOT grid.
The project follows GridStor’s previously announced tolling agreement with a Fortune 500 company in December 2025, providing a contracted revenue structure for the facility. The financing also marks Siemens Financial Services’ first transaction with GridStor, while NORD/LB has previously supported the company through a letter of credit facility and financing for its Goleta Energy Storage Project.
Backed by Goldman Sachs Asset Management, GridStor currently manages 530 MW and 1,300 MWh of battery storage assets that are either operational or under construction. The company also maintains a development pipeline of more than 3 GW of battery storage projects across the western and central United States, focused on supporting utilities, data centers, and industrial customers facing rapidly increasing energy demand.
Battery energy storage projects like Gunnar are designed to store electricity when supply is abundant and deliver it when demand peaks, improving grid reliability while supporting the broader energy transition and economic growth in high-demand regions.
KEY QUOTES
“This transaction marks a significant milestone in our disciplined portfolio growth, focused on contracted revenues. Committed capital from two world-class lending institutions underscores the value of GridStor’s reliability contributions to the Texas power grid during a time of unprecedented expansion in the state.”
Chris Taylor, CEO, GridStor
“We are proud to have led another successful financing for Gridstor. The closing of the Gunnar BESS project reflects our shared commitment to deploying critical energy storage infrastructure and supporting a more resilient and flexible grid.”
Sondra Martinez, Head Of Project Finance-Origination, NORD/LB
“We are proud to provide financing in support of GridStor’s battery energy storage systems in Texas. The facility enhances power system reliability and supports economic growth in Texas, while providing the community with resilient, clean energy.”
Jim Fuller, Head Of Project Finance, Siemens Financial Services, Inc.
