GridStor has closed a $220 million financing package with ING Capital LLC, KeyBank N.A. and Zions Capital Markets to support completion of its White Tank battery energy storage project in Arizona. The financing comprises tax equity bridge, construction and term debt facilities.
The White Tank project is a 100 MW / 400 MWh standalone battery energy storage facility located in Maricopa County. It will operate under a 20-year tolling agreement with Arizona Public Service and is expected to enter service in the first half of 2027.
Founded in 2022 and headquartered in Portland, Oregon, GridStor develops, owns and operates utility-scale standalone battery energy storage projects. The company is backed by investment from a fund managed by Goldman Sachs Asset Management and focuses primarily on projects across North America.
GridStor is led by CEO Chris Taylor. The company said the White Tank financing will support the completion of the project as Arizona utilities respond to rising electricity demand and increasing requirements for grid reliability.
