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QIC today announced the successful close of a US$33 million HoldCo financing to PanCentral CGC Holdings, LLC, a special purpose vehicle that owns the Cottage Grove Cogeneration and Cottage Grove Battery Energy Storage (BESS) projects. The HoldCo loan proceeds will fund the development of the Cottage Grove BESS project, an 80 MW/320 MWh battery under development in Cottage Grove, Minnesota.
Read MoreThe company has signed a 15-year tolling agreement with an Xcel subsidiary for an 80MW/320MWh BESS it is building at the location of its gas-fired cogen plant in Minnesota. KKR-backed Panamint Capital expects to bring up to 1.8GW of renewable energy and storage capacity online over the next three years by exploiting unused energy infrastructure and real estate at the sites of four operating thermal power plants it currently owns.
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