Eolian has secured a $463 million financing package, arranged by Natixis Corporate & Investment Banking, to advance the construction of its Padua 2 and Padua 3 battery energy storage system (BESS) projects in Bexar County, Texas. Together, these projects will provide 350 MW / 1.7 GWh of storage capacity. The funding will support the final stages of the Padua Complex. The financing includes construction, term loan, and letter of credit facilities, ensuring both projects progress on schedule for commissioning between winter and spring 2026.
Upon completion, the Padua complex, located at a substation near the J.K. Spruce coal plant and the V.H. Braunig natural gas plant, will provide 400 MW/1.8 GWh of storage capacity. The first phase, Padua 1, with a capacity of 50 MW and an approximately two-hour duration, is already operational. Construction of Padua 2 and 3 began earlier in 2025, with capacities of 150 MW and 200 MW, respectively, and discharge durations of about five hours. All phases of the project utilise Tesla-supplied battery storage equipment.
Eolian has developed, constructed, and will operate all three phases of the Padua complex through its in-house asset management and optimisation teams. The total private investment for the entire complex reportedly exceeds $700 million. The project’s location was identified as a critical transmission point in San Antonio by both Eolian and ERCOT, strengthening the state’s grid reliability until planned 345 kV transmission upgrades are completed by 2030.
