Flatiron Energy has closed financing of about $540 million from multiple financial institutions for the 200 MW/800 MWh Taft battery energy storage system (BESS) project in Uxbridge, Massachusetts. The project is expected to begin commercial operations in late 2026. The financing package includes construction and bridge loans, term loans, letter of credit facilities, a preferred equity commitment, and a tax credit transfer commitment.
The debt facilities were arranged by a consortium of banks, with First Citizens Bank and Nord/LB acting as coordinating lead arrangers. Societe Generale, Santander, and Investec served as joint lead arrangers, with Societe Generale also taking the role of green loan coordinating agent and Santander acting as hedging coordinator. The preferred equity commitment came from funds managed by an unnamed global credit asset manager with more than $350 billion under management.
Orrick, Herrington & Sutcliffe LLP and Foley Hoag LLP acted as legal counsel for the company, while Winston & Strawn LLP and Rath, Young and Pignatelli, P.C. represented the lenders. CCA Capital LLC advised on the preferred equity and tax credit transfer arrangements, and Riverside Risk Advisors acted as the hedge advisor for interest rate hedging.
