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926 MW / 1.85 GWh ERCOT BESS Storage + 324MW PV Solar Portfolio
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- Renewable Energy - Solar PV & BESS
- 926 MW / 1.85 GWh ERCOT BESS Storage + 324MW PV Solar Portfolio
926 MW / 1.85 GWh ERCOT BESS Storage + 324MW PV Solar Portfolio
This transaction provides the opportunity to acquire a 100% equity interest in a diversified portfolio of seven utility-scale battery energy storage system (BESS) and co-located solar PV development projects located across key ERCOT load zones in Texas.
The portfolio comprises 925.7 MW of BESS power rating, 1,851.3 MWh (~1.85 GWh) of standardized 2-hour duration energy storage, and 324.0 MW of co-located solar PV generation. Targeted for Commercial Operation Dates (COD) across 2027–2028, the assets deliver direct exposure to energy arbitrage and grid ancillary services in ERCOT, with estimated cumulative pre-tax cash flows exceeding US$1.0 Billion.
2. Portfolio Overview (Locations 1 to 7)
| Project Identifier | ERCOT Zone | BESS Rating (MW) | Storage Capacity (MWh) | Solar PV (MW) | Tax Credit Status (IRA) | Target COD |
| Location 1 (Flagship) | North Central | 141.4 | 282.8 | — | 30% ITC + 10% EC Bonus (40% Total) | Q2 2027 |
| Location 2 | West | 113.4 | 226.8 | — | 30% ITC + 10% EC Bonus (40% Total) | 2027–2028 |
| Location 3 | East | 157.1 | 314.2 | — | 30% ITC + 10% EC Bonus (40% Total) | 2027–2028 |
| Location 4 | North | 190.0 | 380.0 | — | 30% ITC + 10% EC Bonus (40% Total) | 2027–2028 |
| Location 5 | South Central | 82.0 | 164.0 | 84.0 | 30% ITC + 10% EC Bonus (40% Total) | 2027–2028 |
| Location 6 | North Central | 51.7 | 103.5 | 50.0 | 30% ITC + 10% EC Bonus (40% Total) | 2027–2028 |
| Location 7 | South | 190.0 | 380.0 | 190.0 | 30% Statutory Baseline ITC | 2027–2028 |
| Total Portfolio | ERCOT-Wide | ~925.7 MW | ~1,851.3 MWh | 324.0 MW | 6 of 7 Qualify for 40% ITC | 2027–2028 |
3. Investment Highlights
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Advanced Development Status: Long-term land control secured across all assets with average lease terms exceeding 30 years. Environmental studies (Phase I ESA, hydrology, wetlands) and third-party engineering completed. Interconnection studies are advancing in the ERCOT queue, with the flagship asset (Location 1) having already executed its interconnection agreement (SGIA).
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Significant Tax Incentives (IRA): All projects qualify for the statutory 30% Investment Tax Credit (ITC). Six of the seven projects qualify for an additional 10% Energy Community bonus adder, reaching a 40% total ITC basis that substantially reduces sponsor net equity requirements.
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Strategic ERCOT Positioning: Assets are sited at projected transmission bottlenecks and high-growth demand centers across North, North Central, West, East, and South Texas, capturing price spreads and volatility.
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Diversified Commercial Stack: Revenues are balanced across Real-Time Market Arbitrage (46%), Day-Ahead Market Arbitrage (20%), Frequency Regulation Up (14%), Frequency Regulation Down (14%), and other ancillary services (12%).
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Turnkey Developer Continuity: The existing developer is available to support project delivery, remaining permitting, and EPC execution through commercial operation.
4. Financial Forecast: 3-Scenario Analysis
| Financial Metric | Downside (Bear Case) | Base Case (Underwriting) | Upside (Bull Case) |
| BESS Revenue Stack | $105 / kW-year | $140 / kW-year | $175 / kW-year |
| Solar PV Capture Price | $26.00 / MWh | $34.00 / MWh | $42.00 / MWh |
| Total Portfolio CapEx to COD | $738.0M | $738.0M | $715.0M |
| Tax Equity Financing (ITC) | $195.0M | $262.5M | $326.5M |
| Senior Project Debt Facility | $380.0M | $415.0M | $435.0M |
| Sponsor Net Equity Required | $163.0M | $60.5M | $35.0M |
| Average Annual EBITDA (Yr 1–5) | $89.2M | $126.5M | $163.8M |
| 10-Year Pre-Tax Cash Flow | $845.0M | $1,265.0M | $1,680.0M |
| Average Portfolio DSCR | 1.26x | 1.48x | 1.84x |
| Unlevered Project IRR (25-Yr) | 8.2% | 11.6% | 15.4% |
| Levered Equity IRR (Hold 25-Yr) | 11.4% | 17.6% | 25.2% |
| Levered Equity IRR (Exit at COD+7) | 12.9% | 19.8% | 28.1% |
| Equity Multiple (MoIC at COD+7) | 1.72x | 2.48x | 3.42x |
5. 10-Year Annual Cash Flow Forecast (Base Case)
| Year | Revenue | OpEx | EBITDA | Senior Debt | FCFE | Cumulative Pre-Tax Cash Flow |
| 2027 (COD) |
$134.5M
|
($24.8M)
|
$109.7M
|
($38.6M)
|
$63.1M
|
$109.7M
|
| 2028 |
$154.5M
|
($28.0M)
|
$126.5M
|
($38.6M)
|
$79.9M
|
$236.2M
|
| 2029 |
$157.6M
|
($28.6M)
|
$129.0M
|
($38.6M)
|
$82.4M
|
$365.2M
|
| 2030 |
$160.7M
|
($29.1M)
|
$131.6M
|
($38.6M)
|
$85.0M
|
$496.8M
|
| 2032 |
$167.2M
|
($30.3M)
|
$136.9M
|
($38.6M)
|
$92.8M
|
$767.9M
|
| 2034 |
$174.0M
|
($31.5M)
|
$142.5M
|
($38.6M)
|
$99.4M
|
$1,040.5M
|
| 2036 |
$181.0M
|
($32.8M)
|
$148.2M
|
($38.6M)
|
$105.1M
|
$1,334.0M
|
Informational & Preliminary Nature Only This summary is provided for informational and preliminary evaluation purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to enter into any transaction or purchase any securities, real property, or assets. Any transaction will be subject to the negotiation and execution of definitive, legally binding documentation.
Forward-Looking Statements & Projections
Any financial projections, estimates, benchmarks, revenue ranges, or EBITDA forecasts contained herein are forward-looking statements based on current industry assumptions, market conditions, and hypothetical operating models. These statements involve substantial risks, uncertainties, and assumptions, including but not limited to:
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Fluctuations in local and national power markets, regulatory tariffs, and utility interconnection rules.
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Variations in construction timelines, supply chain availability, and capital expenditure costs for modular, powered-shell, or turnkey builds.
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Shifting demand, pricing dynamics, and vacancy rates in the data center, AI/HPC, and cloud infrastructure sectors.
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Macroeconomic factors, including interest rates, tax laws, and general financing market conditions.
Actual operational and financial results may differ materially from those expressed or implied in these projections. Past performance and illustrative scenarios are not guarantees of future performance.
Independent Due Diligence & Verification Neither the seller, broker, advisors, nor their respective affiliates, officers, or representatives make any express or implied representation or warranty regarding the accuracy, completeness, or reliability of the information provided herein (including utility availability, zoning, environmental conditions, site acreage, or equipment specifications).
Prospective purchasers, investors, and developers are solely responsible for conducting their own independent technical, legal, engineering, financial, environmental, and tax due diligence. Recipients are strongly advised to consult with their own professional legal, financial, and technical advisors before committing capital or executing binding agreements.
Description
This transaction provides the opportunity to acquire a 100% equity interest in a diversified portfolio of seven utility-scale battery energy storage system (BESS) and co-located solar PV development projects located across key ERCOT load zones in Texas.
2. Portfolio Overview (Locations 1 to 7)
3. Investment Highlights
4. Financial Forecast: 3-Scenario Analysis
5. 10-Year Annual Cash Flow Forecast (Base Case)
Informational & Preliminary Nature Only This summary is provided for informational and preliminary evaluation purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation to enter into any transaction or purchase any securities, real property, or assets. Any transaction will be subject to the negotiation and execution of definitive, legally binding documentation.
Forward-Looking Statements & Projections
Any financial projections, estimates, benchmarks, revenue ranges, or EBITDA forecasts contained herein are forward-looking statements based on current industry assumptions, market conditions, and hypothetical operating models. These statements involve substantial risks, uncertainties, and assumptions, including but not limited to:
Fluctuations in local and national power markets, regulatory tariffs, and utility interconnection rules.
Variations in construction timelines, supply chain availability, and capital expenditure costs for modular, powered-shell, or turnkey builds.
Shifting demand, pricing dynamics, and vacancy rates in the data center, AI/HPC, and cloud infrastructure sectors.
Macroeconomic factors, including interest rates, tax laws, and general financing market conditions.
Actual operational and financial results may differ materially from those expressed or implied in these projections. Past performance and illustrative scenarios are not guarantees of future performance.
Independent Due Diligence & Verification Neither the seller, broker, advisors, nor their respective affiliates, officers, or representatives make any express or implied representation or warranty regarding the accuracy, completeness, or reliability of the information provided herein (including utility availability, zoning, environmental conditions, site acreage, or equipment specifications).
Prospective purchasers, investors, and developers are solely responsible for conducting their own independent technical, legal, engineering, financial, environmental, and tax due diligence. Recipients are strongly advised to consult with their own professional legal, financial, and technical advisors before committing capital or executing binding agreements.
Basic Details
Target Price:
$ 1,000,000,000
Gross Revenue
$154,500,000
EBITDA
$126,500,000
Business ID:
L#20261137
Country
United States
State:
United States
Detail
Published on September 3, 2026 at 9:27 am. Updated on September 3, 2026 at 9:25 pm