Flatiron Energy announced on October 15, 2026, that it has closed approximately USD 850 million of construction and term financing commitments to support the Energizar Project, a battery energy storage facility located in Chelsea, Massachusetts.

Financing Structure Spans Debt, Preferred Equity, and Tax Credits

The financing package spans construction and bridge loan facilities, term loan facilities, letter of credit facilities, a preferred equity commitment, and a tax credit transfer commitment.

The debt facilities were provided by a consortium of banks, with Nord L/B, Santander, and Societe Generale serving as Coordinating Lead Arrangers. Investec and East West Bank served as Joint Lead Arrangers, and Siemens Financial Services served as the Lender. East West Bank also acted as Depositary, while Santander acted as Administrative Agent.

The preferred equity commitment was provided by funds managed by a global credit asset manager with more than USD 350 billion of assets under management. In addition, two Fortune 500 corporations provided a commitment to transfer a portion of the project's investment tax credits.

Largest BESS Facility on the East Coast Upon Completion

Energizar is a 1,200 MWh battery energy storage asset expected to reach commercial operations in the fourth quarter of 2027.

Upon reaching the commercial operation date, the project will be the largest battery energy storage system facility on the East Coast and one of the largest urban BESS facilities globally.

The project is intended to provide critical capacity and peaking energy resources for local communities that rely on the Boston grid.

Santander Managing Director Andrew Platt described the financing as an important milestone for the ISO New England market that will contribute to a more reliable and resilient power system, noting that battery storage assets are playing an increasingly critical role in supporting grid stability and facilitating the integration of energy resources across the United States.

Societe Generale's Kevin Cartoski, a Director on the bank's Energy, Mining, and Industrials team, said Energizar represents a unique urban battery storage project that will help meet clean energy goals in the state of Massachusetts.

Sondra Martinez, Head of Project Finance-Origination at Nord L/B, said the closing demonstrates the bank's significant expertise in and continued commitment to financing battery storage projects.

Flatiron Points to Broad Stakeholder Support

Dan Myers, Flatiron's Chief Financial Officer, said Energizar represents the culmination of years of work by many stakeholders.

He noted that projects of this complexity and scale only happen because of the support of the local community, policy makers, equipment and EPC providers, offtakers, and financing counterparties.

Myers said the company is proud to contribute to the next phase of the region's grid reliability and capacity resources.

Legal and Advisory Roles

Orrick, Herrington & Sutcliffe LLP and Foley Hoag LLP represented Flatiron in the transaction. Winston Taylor LLP and Rath, Young and Pignatelli, P.C. represented the lenders.

CCA Capital LLC advised Flatiron with respect to the preferred equity investment and the tax credit transfer. Riverside Risk Advisors acted as Hedge Advisor to Flatiron in connection with interest rate hedging activities, and Raymond James Renewable Energy Investments advised the tax credit purchasers.

About the Lenders

Nord/LB (Norddeutsche Landesbank - Girozentrale) is one of the leading German commercial banks, with core business segments including corporate customers, private and commercial customers including private banking, and special finance in the energy and infrastructure sector as well as commercial real estate finance. Nord/LB is headquartered in Hanover, Germany, with branches in London and New York.

Banco Santander is a commercial bank founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. According to the announcement, in the first half of 2026 the bank had USD 1.68 trillion in total funds, more than 182 million customers, 6,500 branches, and 185,000 employees.

Societe Generale is a European bank with around 110,000 employees serving 27 million clients in 58 countries. The bank has been supporting economic development for over 160 years, providing corporate, institutional, and individual clients with advisory and financial solutions.

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