QIC has advanced a US$33m (€28.3m) debt facility to PanCentral CGC, a special purpose vehicle that owns the Cottage Grove Cogeneration and Cottage Grove Battery Energy Storage (BESS) projects in the US.
The latest loan will fund the development of the Cottage Grove BESS project, an 80 MW/320 MWh battery under development in Cottage Grove, Minnesota.
Daniel Englander, CIO of Panamint Capital, said: “This financing is a significant milestone for Cottage Grove and a prime example of the many ways Panamint leverages operating assets to support new generation development.
“We are pleased to partner with QIC on this transaction to expand our footprint of critical local generation capacity in MISO. QIC understood our aims and tirelessly worked with our team to create a financing solution that met our investors’ specific goals.”
Lindsay Scully, QIC private debt infrastructure partner, said: “This is a distinct opportunity to finance the continued buildout of a greenfield BESS project, while benefitting from the long-term, contracted revenues at both the battery and operating cogeneration facility, which was recently refurbished and re-contracted for more than 15 years.”
The latest transaction takes the total capital deployed by QIC’s global infrastructure debt strategy to around US$750m across 15 deals, including a recent financing to French aerial emergency services provider SAF Aerogroup.
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