DLA Piper advised CIT Bank in multiple agency roles and as arranger and lender in connection with its landmark project financing of a portfolio of behind-the-meter battery energy storage systems located at various large-load commercial, industrial and government host sites in Los Angeles and Orange counties for affiliates of Macquarie Capital.

The bellwether deal marks an important project financing milestone for the emerging battery-based energy storage sector. The fleet of energy storage systems will deploy Tesla Energy’s Powerpack 2 lithium-ion battery system and will be used for utility grid services including flexible and reserve capacity, solar integration and voltage management in addition to retail energy services such as demand management, back up generation and enhanced power quality.

The DLA Piper team was led by Timothy Moran (Washington, DC) and included partners Philip Corsello (New York), Vanessa Richelle Wilson and Andrea Chambers (both of Washington, DC), and associates Bradford McCormick (New York) and Greg Young (Los Angeles).