GridStor Secures $220M for Arizona Battery Project
GridStor has closed a $220 million financing package to complete a utility-scale battery storage project in Arizona. The financing from ING Capital, KeyBank N.A. and Zions Capital Markets includes a tax equity bridge, construction debt and term debt for GridStor’s White Tank Reliability Project. The Maricopa County facility will provide 100 megawatts of power and 400 megawatt-hours of storage, allowing it to discharge at full capacity for four hours.
White Tank is expected to begin operating during the first half of 2027 under a 20-year tolling agreement with Arizona Public Service. The utility, Arizona’s largest, serves about 1.4 million homes and businesses.
“Trusted partnerships like these are critical for advancing large-scale power supply and infrastructure to meet surging demand for new power capacity,” GridStor CEO Chris Taylor said.
The closing represents GridStor’s fourth major financing milestone during the past year. Backed by Goldman Sachs Asset Management, the company has more than three gigawatts of storage projects under construction or in later-stage development across the western and central U.S.
GridStor said it will continue pursuing advanced-stage projects serving utilities, data centers and other large industrial power users.