GridStor has secured $220 million in tax equity bridge, construction, and term debt financing to complete the development of its 100 MW/400 MWh White Tank battery energy storage system (BESS) project in Arizona.
The financing was arranged with ING Capital LLC, KeyBank N.A., and Zions Capital Markets. The White Tank project is located in Maricopa County and is expected to enter service in the first half of 2027.
The facility will operate under a 20-year tolling agreement with Arizona Public Service (APS), the state’s largest electric utility, which serves approximately 1.4 million homes and businesses.
GridStor said the project is being developed to support grid reliability amid rising electricity demand in Arizona. APS recorded a new peak electricity demand on August 2, 2026, which was 5% higher than its previous record set in 2025.
The White Tank BESS is expected to provide additional capacity to APS, supporting the utility in meeting growing demand from Arizona’s expanding population and new industrial facilities.
GridStor CEO Chris Taylor said the financing reflects the importance of partnerships in advancing large-scale power infrastructure to meet increasing demand for new generation and capacity.
ING Director Filipe Barreto said the growth of renewable generation is increasing demand for energy storage, making BESS projects an increasingly important component of energy infrastructure. He added that the transaction reflects ING’s continued focus on financing projects that strengthen grid reliability and support the transition to lower-carbon energy.
KeyBanc Capital Markets Managing Director Greg Berman said battery storage is becoming increasingly important for utilities managing growing electricity loads, reliability requirements, and changing grid conditions. He added that the financing supports infrastructure that can be deployed at scale to address evolving energy needs.
Zions Head of Power and Project Finance Robert Park said the financing supports the continued expansion of Arizona’s energy capacity and highlighted the company’s role in structuring financing solutions for power-sector projects.
The White Tank financing marks GridStor’s fourth major financing milestone in the past 12 months. Backed by Goldman Sachs Asset Management, GridStor currently manages a pipeline exceeding 3 GW of battery storage projects in later-stage development or under construction across the western and central United States.
The company said it plans to continue acquiring advanced-stage battery storage projects aimed at providing near-term capacity solutions for utilities, data centers, and other large industrial customers in regions experiencing rapid energy demand growth.
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