Wells Fargo makes maiden solar-storage tax equity investment

The 600MWh BESS will use Tesla Megapacks. Image: Tesla.

Major US bank Wells Fargo has closed its maiden tax equity investment into a colocated solar-storage project currently under construction in New Mexico, US.

The Arroyo Solar and Storage project is to combine 300MWac of solar with a 150MW / 600MWh battery energy storage system and is being developed by DE Shaw Renewable Investments (DESRI).

The project is itself part of a plan from local utility Public Service Company of New Mexico to procure nearly 1GW of solar and energy storage projects to replace the San Juan Generating Station, a coal-fired power plant that is set for closure.

DESRI acquired the project from its original developer, Centaurus Renewable Energy, prior to closing debt financing.

The 300MWac solar PV plant will be constructed by Sundt Construction. The array will use NEXTracker’s tracking systems, while the BESS will comprise Tesla Megapacks, which the Silicon Valley (possibly soon to be Texas) tech company is commissioning as well as supplying. Local company Affordable Solar Installation will construct the BESS. 

For more on this story, visit sister publication Energy-Storage.news.