GridStor has closed a $220 million financing package with ING Capital, KeyBank and Zions Capital Markets to complete development of its White Tank battery energy storage project in Arizona.
The financing includes tax equity bridge, construction and term debt.
White Tank is a 100 MW / 400 MWh standalone battery energy storage facility being developed in Maricopa County.
The project is expected to begin operating during the first half of 2027.
GridStor has secured a 20-year tolling agreement for the facility with Arizona Public Service, the state’s largest electric utility, which serves approximately 1.4 million homes and businesses.
The project is intended to help APS manage increasing electricity demand and improve system reliability by storing power and making it available during periods when the grid needs additional capacity.
Arizona utilities have recently experienced record power demand.
GridStor said APS reached a new peak on August 2 that was 5% higher than the previous record established in 2025.
The White Tank facility will add flexible capacity as Arizona’s population expands and new industrial facilities increase electricity requirements.
The financing represents GridStor’s fourth major financing milestone within the past 12 months.
Backed by Goldman Sachs Asset Management, the company has a pipeline exceeding 3 GW of battery storage projects in later-stage development or construction across the western and central United States.
GridStor expects to continue acquiring advanced-stage storage projects serving utilities, data centers and other large industrial customers in markets experiencing rapid load growth.
KEY QUOTES:
“Trusted partnerships like these are critical for advancing large-scale power supply and infrastructure to meet surging demand for new power capacity.”
Chris Taylor, CEO of GridStor
“The rapid growth of renewable generation is driving increasing demand for energy storage solutions, making BESS assets an integral part of energy infrastructure and one of the primary themes in energy financing.”
Filipe Barreto, Director at ING
“Battery storage has become an essential part of how utilities address growing load, reliability requirements and changing grid conditions.”
Greg Berman, Managing Director, Utilities, Power & Renewable Energy at KeyBanc Capital Markets
