Battery Storage for Data Centers – NORD/LB AND GRIDSTOR ANNOUNCE COMPLETION OF $50 MILLION LETTER OF CREDIT FACILITY
Financing supports GridStor’s nationwide development pipeline of battery energy storage facilities for utility and data center customers
PORTLAND, Ore. – September 4, 2025 – GridStor, a developer and operator of utility-scale battery energy storage systems, announced today that it has closed a $50 million letter of credit with NORD/LB in support of its development goals. GridStor’s project pipeline includes over 3 GW of projects across the western and central U.S. in later-stage development or under construction. Backed by Goldman Sachs Asset Management, GridStor has also made 450 MW of late-stage project acquisitions year-to-date for facilities in Texas, Oklahoma, and Arizona.
Chris Taylor, CEO of GridStor, said:
We are proud to continue our partnership with NORD/LB as we develop battery energy storage projects across North America
“We appreciate their commitment, which enables us to unlock the capital we need to accelerate projects to meet the urgent needs of utility and data center customers.”
Battery storage assets are expected to remain a significant asset class in the broader energy sector, and a critical solution to strengthening the American electrical grid as data centers and other large power users require more electricity for commercial activities.
Sondra Martinez, Head of Project Finance-Origination at NORD/LB, said:
NORD/LB is pleased to continue our work with GridStor through leading the financing of a development LC Facility.
“We are excited to support GridStor’s growth as they continue to develop their pipeline of battery storage projects, bringing greater energy reliability to markets with high energy demand,”
NORD/LB previously closed a $55 million debt financing agreement with GridStor to complete the development of Goleta Energy Storage, a 60 MW/ 160 MWh stand-alone battery energy storage facility in Santa Barbara County, California.
Frank Burkhartsmeyer, CFO of GridStor, said:
We have taken proactive steps to ensure tax credit eligibility for our project pipeline, and we anticipate more later-stage project acquisitions to provide cost-effective solutions to utility and data center customers,
“Partnering with NORD/LB increases our agility to execute rapidly when we see new opportunities that align with our strategic goals.”
NORD/LB is a leader in financing storage assets as well as more broadly providing flexible, forward-looking financing solutions in support of ESG assets across North America, Europe and Asia-Pacific regions.
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Battery Storage for Data Centers – NORD/LB AND GRIDSTOR ANNOUNCE COMPLETION OF $50 MILLION LETTER OF CREDIT FACILITY, source
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