Trinity Gas Storage, LLC ("Trinity") Secured $189 million in Funding for the Groundbreaking of its Natural Gas Storage Facility in East Texas: A Milestone for Energy Security and Electrical Reliability for Texas NEWS PROVIDED BY Trinity Gas Storage, LLC 08 Sep, 2023, 08:03 ET SHARE THIS ARTICLE DALLAS, Sept. 8, 2023 /PRNewswire/ -- In a significant step towards bolstering energy security and ensuring a reliable electricity supply for Texas, Trinity is thrilled to announce the successful equity funding from Transition Equity Partners, LLC ("TEP"), along with debt financing led by Investec who acted as Joint Lead Arranger and Administrative Agent. The equity consortium includes Pan Capital Management, Abrdn, SailingStone Capital Partners LLC, and Rice Investment Group. This funding marks a crucial milestone in the development of Trinity's natural gas storage facility which is set to play a pivotal role in fortifying energy security across the region. The new natural gas storage facility, strategically located in the heart of Texas, will offer approximately 24 billion cubic feet (Bcf) of natural gas storage capacity in the initial phase of the project. Construction commences immediately and operations are slated to begin in mid-2024. "We are thrilled to commence construction on this much-needed storage facility," said Jim Goetz, CEO of Trinity. "Our team has worked tirelessly to get to this point, and we recognize the immense importance of this project which will enable Texas to better manage energy supply fluctuations, ensuring a stable source of power even during periods of peak demand and extreme weather events. We're grateful to partner with TEP, whose effectiveness in securing capital and assistance in development has been invaluable in making this storage project a reality." "This storage project represents a critical transitional component for the diverse energy portfolio needed in ERCOT," said Pat Eilers, Founder and Managing Partner of TEP. "As an investor focused on midstream energy infrastructure, we strongly believe in the role storage facilities play in enhancing reliable natural gas supply to the Texas market. We are excited to partner with the Trinity team, which has a strong track record of developing successful storage projects. This natural gas storage facility aligns perfectly with our commitment to advancing sustainable and resilient energy solutions." The Trinity storage facility will provide a buffer to balance supply and demand for natural gas, allowing continued service even during times of peak electricity demand. With its central location and multiple connections to existing pipeline infrastructure, Trinity is ideally positioned to support reliability across the entire state.
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Enbridge has struck a deal with Dominion Energy to buy three natural gas utilities from it for a total consideration of $14 billion. The net value of the deal is $9.4 billion but will also involve the assumption of the utilities’ debt. The pipeline operator said in a statement that the acquisition would create the largest natural gas franchise in North America, with the capacity to deliver 9.3 billion cubic meters per day to customers in Ohio, Utah, Wyoming, Idaho, and North Carolina. “Adding natural gas utilities of this scale and quality, at a historically attractive multiple, is a once-in-a-generation opportunity. The transaction also reinforces our position as the first-choice energy delivery company in North America,” said Enbidge chief executive Greg Ebel. The seller, meanwhile, will focus on the regulated electricity market, the Financial Times reported, citing Dominion’s chief executive. “Data centre expansion, bolstered by artificial intelligence . . . along with electrification, and general economic activity are driving the most significant demand growth in our company’s history and shows no signs of abating,” Robert Blue said. The deal appears to be part of a trend among major pipeline operators in North America to focus increasingly on natural gas, despite the Biden administration’s and some states’ attempts to curb the consumption of the cleanest hydrocarbon. In July, Enbridge peer TC Energy said it would spin off its oil and liquid fuel pipeline business to focus on gas. After the split, the company said, “the new TC Energy would be a “diversified, industry-leading natural gas and energy solutions company, uniquely positioned to meet growing industry and consumer demand for reliable, lower-carbon energy, by leveraging complementary business sets.” Meanwhile, Enbridge’s Ebel noted that “The assets we are acquiring have long, useful lives—and natural gas utilities are ‘must-have’ infrastructure for providing safe, reliable and affordable energy.” By Charles Kennedy for Oilprice.com
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Today's Speaker Highlight is on Gil C. Quiniones, Chief Executive Officer, ComEd. Gil will join as a Speaker at the August 10th AEG Chicago 23Q3 Stakeholder Challenge on Grid Modernization. Join the waitlist here - https://lnkd.in/gareaR3Q Gil C. Quiniones is the Chief Executive Officer at ComEd where he is responsible for the safe and reliable delivery of electricity to customers and for empowering them to manage their energy use. He oversees the management of the electric grid for Chicago and most of northern Illinois and ComEd’s partnerships with the diverse communities it serves. Before joining ComEd, Gil served more than a decade as president and CEO of the New York Power Authority (NYPA), the nation’s largest state-owned electric utility. Under his leadership, NYPA played a key role in the Governor's Reforming the Energy Vision initiative to use market forces and new technology to empower customers and encourage the growth of clean renewable energy and energy efficiency. Before joining NYPA in 2007, Gil held several positions in the administration of New York City Mayor Michael R. Bloomberg, including more than four years as senior vice president of energy and telecommunications. He started his career at Consolidated Edison (Con Edison), one of the nation’s largest investor-owned energy companies and an electric and gas utility serving parts of southeastern New York and northern New Jersey, including New York City. He worked for 16 years at Con Edison, where he cofounded Con Edison Solutions, the utility’s unregulated energy services company. Gil was named as the 2017 Smart Electric Power Alliance Power Player of the Year, an award that recognizes leaders in the front lines of energy transformation in the United States. He also received the Alex Radin Distinguished Service Award from the American Public Power Association (APPA). ComEd is a unit of Chicago-based Exelon Corporation, a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois or 70 percent of the state’s population. ComEd was recognized as Most Resilient Power Grid in the U.S. With 2022 ReliabilityOne® Award. ComEd has made investments to harden its system and bring greater resiliency during severe weather and other events. The company has also introduced advanced technology like a first-of-its-kind superconductor technology installation, connecting two substations, that provides additional resilience to families and businesses should one of the substations be impacted by extreme weather or other threats. Regarding Grid Modernization, to build a stronger, more reliable smart grid, ComEd is installing and upgrading equipment throughout northern Illinois to meet Illinois' future energy needs. cc: H.G. Chissell, Maisha Earl, Ladi Ogunnubi, Diana McCarthy-Sharpe
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My post today for Steve Reese and Reese Energy Consulting. Natural Gas. Snidley Whiplash or Dudley Do-Right? As we tick down the final days to Christmas, Reese Energy Consulting today is following a tale of two utilities and the roles natural gas plays. In the latest post-mortem of the failures on the Texas Electric Grid following 2021’s Winter Storm Uri, a new study has concluded ERCOT relies too much on natural gas to fuel its backstart system. For the uninitiated, backstart systems kick in to restore power in the event of outages without requiring electricity to do so. More than 60% of the nation’s grids employ gas-fired turbines in their systems. The study went on to recommend ERCOT add more non-fuel options and—wait for it—“test starting dual-fuel resources without any primary fuel.” This gives us Whiplash. And then there's Mich., where the state’s largest utility is focused on its natural gas delivery system. If you’ve ever visited Mich., in the dead of winter, the word “supernatural” aptly describes the season’s brutality. Consumer’s Energy, which provides 6.7 million customers with power and gas, operates 28,170 miles of distribution pipeline, most of which date back to 1963. The company in 2012 launched a 25-year modernization project of its natural gas infrastructure to ensure gas keeps flowing uninterrupted. Announcing now another $1 billion annual investment in the program, a company spokesman remarked, “While exploration of other affordable, clean energy alternatives continues, natural gas remains the most cost-effective means of heating homes and businesses like Michigan.” We’re calling this one Do-Right. As Steve Reese likes to say, “Natural gas. Abundant. Ubiquitous. U.S. made. Clean. Affordable.” And yes, he stole that from the one and only Aubrey McClendon. What do you think? Learn more about REC and our natural gas expertise and consulting services at https://lnkd.in/eAebAz8.
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We are excited to announce the closing of an $82 million tax equity investment from Morgan Stanley for the 90 MW / 360 MWh Superstition Energy Storage facility in Gilbert, Arizona. We have now raised a total of approximately $2 billion for five total facilities in Arizona and Texas since October 2023. These investments will enable Plus Power to bring the facilities online by summer 2024, helping stabilize electric grids in the Southwest during extreme weather while integrating more renewable energy. “Plus Power welcomes Morgan Stanley’s support in accelerating standalone battery energy storage deployment in a market and location where our project can provide critical services,” said Josh Goldstein, chief financial officer at Plus Power. “Our capital partners continue to recognize the unique capabilities of standalone storage facilities and Plus Power’s leadership in developing and operating them. This investment is important to a project supporting a regional grid facing intense weather events and energy demand.” The Superstition facility, located in Gilbert, Arizona, will come online in June 2024 along with a related facility, the 250 MW / 1000 MWh Sierra Estrella Energy Storage project in Avondale, Arizona. The systems will provide capacity and energy services to the Salt River Project electrical grid near Phoenix, supporting grid reliability and accelerating the integration of readily available, domestically produced renewable energy sources. Read more: https://lnkd.in/euFA6W85 #batterystorage #energytransition
Plus Power Secures Additional $82 Million of Tax Equity for Battery Storage Projects
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My post today for Steve Reese and Reese Energy Consulting. Building a Bigger Bridge One of North America’s largest pipeline operators is enjoying an especially good year. Alberta-based Enbridge, which transports 30% of all U.S. crude and 20% of the nation’s natural gas, also happens to be in the gas utility business back home in Canada. There, the company supplies customers in Ontario (hello, 75%) and Quebec with more than 5.9 BCFD. So, when Enbridge decided to test the utility waters here, there was little chance of simple toe-dipping. Reese Energy Consulting today is following the latest from Enbridge, which will pick up three natural gas utilities operating in Ohio, N.C., Utah, Idaho, and Wyo., in a deal valued at $14 billion. The acquisitions of East Ohio Gas Company, Questar, and Public Service Company of North Carolina are among the latest asset sales by Va.-based Dominion Energy to reinvigorate its ailing stock price. For Enbridge, its entrance into the U.S. utility sector comes with serious weight as it takes title of Largest Natural Gas Utility Platform on the Continent. The move also puts an even weight on the company’s oil and gas mix where crude has long taken center stage. Enbridge last month reported 2Q earnings of $4.5 billion of which $2.45 billion was attributed to liquids and $1.4 billion to natural gas. On the crude side, the company has an increasing advantage exporting Canadian oil via its Mainline as shippers grow more frustrated with the beleaguered Trans Mountain pipeline expansion. But on the gas side, the increasing electrification of everything offers Enbridge an even bigger mountain of opportunity. What do you think? Learn more about REC and our natural gas services at https://lnkd.in/eAebAz8.
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From the article: As part of its ongoing transition to carbon-free electricity, the Pasadena City Council approved plans for two, new energy contracts: a 10-year wind power contract with CalWind Resources, Incorporated (CalWind) and a Battery Energy Storage System (BESS) at the Glenarm Power Plant. These efforts will diversify Pasadena Water and Power’s (PWP) energy resource portfolio and contribute to the City’s progress toward 100 percent carbon-free energy sources by the end of 2030. The CalWind contract will provide 20 megawatts (MW) of wind power over 10 years. The project will draw from a 30 MW facility, in Tehachapi, CA, which is currently undergoing a repowering to modernize the existing wind turbine fleet. Pasadena currently holds a short-term CalWind contract and will begin receiving power from the new, 10-year agreement in May 2025. The recently approved BESS project at Pasadena’s Glenarm Power Plant will be the first, local utility-scale battery storage system in the city. The project will provide 25 MW of dispatchable storage capacity up to four hours at a time from Glenarm BESS, LLC, a special purpose entity created by EPC Energy Inc. The battery is anticipated to have a 15-year minimum lifespan. “The battery storage installation will allow us to store excess solar energy on the grid and use it during peak demand, which will also help provide local reliability to our distribution system,” said Kelly Nguyen, PWP Assistant General Manager of Power Supply. To help offset the battery and installation costs, PWP secured a $9.6 million grant from the California Energy Commission through the Distributed Electricity Backup Assets Program. PWP expects the BESS project to be completed and operational by 2027.
Pasadena Water and Power Makes Progress toward 100% Carbon Free by 2030 Goal with 2 New Clean Energy Projects
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Another day, another tax equity investment for Plus Power :) This one is $82 million from Morgan Stanley For those keeping track, add this to the roughly $2 billion in debt and tax equity raised by Plus Power since last October for its battery projects in Texas and Arizona. #energystorage #batteries #batterystorage
We are excited to announce the closing of an $82 million tax equity investment from Morgan Stanley for the 90 MW / 360 MWh Superstition Energy Storage facility in Gilbert, Arizona. We have now raised a total of approximately $2 billion for five total facilities in Arizona and Texas since October 2023. These investments will enable Plus Power to bring the facilities online by summer 2024, helping stabilize electric grids in the Southwest during extreme weather while integrating more renewable energy. “Plus Power welcomes Morgan Stanley’s support in accelerating standalone battery energy storage deployment in a market and location where our project can provide critical services,” said Josh Goldstein, chief financial officer at Plus Power. “Our capital partners continue to recognize the unique capabilities of standalone storage facilities and Plus Power’s leadership in developing and operating them. This investment is important to a project supporting a regional grid facing intense weather events and energy demand.” The Superstition facility, located in Gilbert, Arizona, will come online in June 2024 along with a related facility, the 250 MW / 1000 MWh Sierra Estrella Energy Storage project in Avondale, Arizona. The systems will provide capacity and energy services to the Salt River Project electrical grid near Phoenix, supporting grid reliability and accelerating the integration of readily available, domestically produced renewable energy sources. Read more: https://lnkd.in/euFA6W85 #batterystorage #energytransition
Plus Power Secures Additional $82 Million of Tax Equity for Battery Storage Projects
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Today we announced that Crestwood has entered into an agreement to be acquired by Energy Transfer in a tax-efficient, all-equity transaction. We believe this transaction represents a compelling opportunity for Crestwood and its unitholders, who we expect will benefit from enhanced and de-risked distributions upon closing of the transaction, thanks to the combined company’s anticipated substantially increased scale and cash flow diversification, with the ability to participate in the long-term upside potential of Energy Transfer’s valuation. Over the last 12 years, Crestwood’s employees have worked tirelessly to build a first-class organization focused on providing safe, reliable, and sustainable midstream services to our customers while maximizing value for our investors. The strategic transaction announced today with Energy Transfer is the result of a comprehensive review conducted by our Board of Directors and management team, which gave significant consideration to Crestwood’s growth potential as a standalone business as compared to our potential as part of a much larger organization with the scale and diversification of Energy Transfer. Energy Transfer is one of the largest and most diversified midstream energy companies in North America with nearly 125,000 miles of pipelines and associated energy infrastructure across 41 states. We believe Crestwood will be well-positioned to advance our strategic objectives and deliver for customers and business partners nationwide with significantly greater scale and assets stretching coast-to-coast and spanning the entire midstream value chain. Learn more about this exciting news in our press release. https://lnkd.in/gfCmhP-i
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Via PV Mag: " Plus Power raises $1.8 billion to advance construction of five energy storage facilities: The transactions will support construction of BESS facilities in the Salt River Project in Arizona as well as in the ERCOT market in Texas. Texas-based Plus Power announced financing commitments of $1.8 billion to advance five large-scale battery energy storage projects totaling 2.76 GW/h. The company reports that the transactions will support construction and operations of the portfolio and include construction financing, term financing, letters of credit, and tax equity investments, in partnership with 11 leading industry lenders and investors. The recent financing includes $707 million for the 250 MW Sierra Estrella Energy Storage facility in Avondale, Arizona, which is expected to be the largest standalone battery facility in Arizona once online. This financing is in addition to initial funding of $903 million. “Over the last year, Plus Power has raised an unparalleled amount of capital for standalone storage projects from a wide range of leading energy project finance banks and investors,” said Josh Goldstein, chief financial officer of Plus Power. “This capital will support the ongoing buildout of the largest and most diverse portfolio of standalone storage projects in the U.S. The scale highlights our first-mover advantage in bringing high-quality projects to market as well as the tremendous work by our fantastic team.” The Sierra Estrella facility is one of two battery storage projects the Salt River Project (SRP) announced in fall of 2022 with Plus Power, with both projects scheduled to come online by summer of 2024. The other, a 90 MW / 360 MWh project is called Superstition Energy Storage, which is planned for Gilbert, Ariz. Norddeutsche Landesbank and Société Générale acted as coordinating lead arrangers while Mizuho, U.S. Bank, Bank of America, CoBank, and Siemens Financial Services, Inc. were joint lead arrangers. The financing for the SRP facilities includes: * Sierra Estrella (250 MW/1,000 MW/h): $202 million of tax equity from Bank of America coupled with a $505 million construction, term loan, and letter of credit facility. * Superstition Energy Storage (90 MW/360 MWh): $196 million construction, term loan and letter of credit facility. The completed transactions were financings totaling $884 million to support construction of 700 MW of batteries on the ERCOT grid in Texas in the Ebony, Anemoi and Rodeo Ranch energy storage projects. Plus Power reports that while the Ebony and Anemoi projects are expected to operate as merchant resources in the ERCOT wholesale market, Plus Power executed an innovative hedge for Goldman Sachs’ commodities group for a portion of the Rodeo Ranch Energy Storage facility. The three storage facilities are expected to be operational next summer and are designed to bring stability to the… " #EnergyStrorage #BatteryStorage #Energy
Plus Power raises $1.8 billion to advance construction of five energy storage facilities
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Via PV Mag: " GridStor completes 60 MW / 160 MWh energy storage project in California: The lithium-ion battery is large enough to power the equivalent of 30,000 households. Portland, Oregon-based GridStor announced it has completed a grid-scale energy storage project in Santa Barbara County, California. The Goleta Energy Storage facility is a 60 MW / 160 MWh lithium-ion battery energy storage system. It stores enough power for the equivalent of about 30,000 California households. This is enough to supply the city of Goleta’s municipal customer base. The system is comprised of 44 containerized Tesla batteries manufactured in state in Lathrop, California. NORD/LB provided $55 million of project debt financing to GridStor to complete the development of the facility. “California has an urgent need for grid reliability as it decarbonizes its economy, and battery storage is the critical resource that meets both challenges,” said Chris Taylor, chief executive officer of GridStor. The project is the largest power resource in Santa Barbara County and the second battery facility in the region. It was constructed with support from IBEW Local 413 laborers. “The transition to clean energy takes the support of many partners, from developers and utilities to skilled tradespeople and the local leadership who oversee zoning and permitting, said Taylor. “We could not be prouder to work with the City of Goleta and other stakeholders to bring this facility to life and support California’s goals for clean, reliable energy.” The facility is expected to help support the existing 900 MW of solar and wind operating in the region for the planned buildout of thousands of megawatts of renewable power over the next decade. GridStor will provide resource adequacy services from the facility to Southern California Edison under a contract while operating the facility in response to market signals from the California Independent System Operator. “GridStor’s Goleta Energy Storage project will secure grid power for one of our most climate-vulnerable regions as California continues to deploy new, clean power infrastructure in pursuit of our climate and energy goals,” said Rohimah Moly, deputy director of energy & climate at the Governor’s Office of Business and Economic Development. " #EnergyStrorage #BatteryStorage #Energy
GridStor completes 60 MW / 160 MWh energy storage project in California
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President / CEO at SDC EnerServe Solutions
5moTrinity is a good storage opportunity and will help energy needs in TX.