926 MW / 1.85 GWh ERCOT BESS Storage + 324MW PV Solar Portfolio
EBITDA
$126,500,000
Gross
$154,500,000
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Global lower-middle market M&A Advisors
Countries in which we've closed transactions
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Total deals value
Global lower-middle market M&A Advisors
Countries in which we've closed transactions
Languages spoken by our Team
Total deals value
© 2026 MergersCorp M&A International.
© 2025 MergersCorp M&A International is a global brand operating through a number of professional firms and constituent entities (“Members”) located throughout the world to provide Investment Banking, Corporate Finance, and Advisory Services and other client-related professional services. The Member Firms (“Members”) are constituted and regulated in accordance with relevant local regulatory and legal requirements. For more details on the nature of our affiliation, please visit our Disclaimer: https://mergerscorp.com/disclaimer. MergersCorp M&A International's franchising program is not offered to individuals or entities located in the United States.
The franchising program is offered by MergersUK Limited, a UK Company with its registered office at 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, United Kingdom.
MergersCorp M&A International provides strategic business advisory services, including preparing companies for growth and capital access. Through partnerships with licensed investment bankers, clients can access tailored capital-raising solutions.
U.S. Investment Banking Securities transactions are exclusively conducted by Spektrum Capital Advisors LLC, a Registered Representative of, and Securities Products offered through, BA Securities, LLC, a FINRA-registered broker-dealer. Check the background of investment professionals associated with this site on Broker Check.
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 ERC ...
An acquisition opportunity to acquire a 100% equity interest in a high-conviction development portfolio comprising four utility-scale solar photovoltaic (PV) and battery energy storage system (BESS) assets across key load zones ...
The project has achieved Ready-to-Build (RTB) status, de-risking the development phase and securing all primary structural entitlements. The asset is currently non-operational and remains in pre-construction posture pending fina ...
Texas, the second-largest state in the United States, embodies a unique blend of rich history, diverse cultures, and expansive landscapes. Renowned for its cowboy mystique, Texas boasts iconic symbols like the Lone Star and sprawling ranches. The state's cities, including Houston, Dallas, and Austin, pulse with vibrant arts scenes, cutting-edge technology, and a flourishing culinary culture. Beyond urban hubs, Texas offers diverse natural wonders, from the Gulf Coast's pristine beaches to the rugged beauty of Big Bend National Park. With a proud heritage, Texan hospitality, and a fervent spirit, the Lone Star State stands as a symbol of independence and resilience.
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.
| 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 |
| 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 |
| 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:
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.
© 2025 MergersCorp M&A International is a global brand operating through a number of professional firms and constituent entities (“Members”) located throughout the world to provide Investment Banking, Corporate Finance, and Advisory Services and other client-related professional services. The Member Firms (“Members”) are constituted and regulated in accordance with relevant local regulatory and legal requirements. For more details on the nature of our affiliation, please visit our Disclaimer: https://mergerscorp.com/disclaimer. MergersCorp M&A International's franchising program is not offered to individuals or entities located in the United States.
The franchising program is offered by MergersUK Limited, a UK Company with its registered office at 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, United Kingdom.
MergersCorp M&A International provides strategic business advisory services, including preparing companies for growth and capital access. Through partnerships with licensed investment bankers, clients can access tailored capital-raising solutions.
U.S. Investment Banking Securities transactions are exclusively conducted by Spektrum Capital Advisors LLC, a Registered Representative of, and Securities Products offered through, BA Securities, LLC, a FINRA-registered broker-dealer. Check the background of investment professionals associated with this site on Broker Check.
This website is operated by MergersUS Inc a US Corporation with registered office at




