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Company Announces Close of Tax Credit Sale for Calif. Energy Storage Project

GridStor, a developer and operator of utility-scale battery energy storage systems, recently announced that it closed its first tax credit sale with J.P. Morgan in support of its Goleta Energy Storage project in California.

The standalone battery energy storage project is the largest lithium-ion battery facility in Santa Barbara County, Calif., and began operations in December 2023.

In addition to the tax credit transfer, GridStor’s Goleta Energy Storage project is financed with long term debt provided by NORD/LB and Mitsubishi HC Capital America.

The Goleta project contains 44 batteries that comprise the biggest energy storage facility in Santa Barbara County. The 60 MW/160 MWh lithium-ion batteries are capable of powering the equivalent of over 30,000 households over the hours each day when the electrical grid is most stressed, “providing critical local reliability and support of California’s goal to decarbonize its power sector by 2045,” GridStor said.

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