TransGrid Energy Secures $1.2 Billion in Financing for a 382.4 MW Standalone Battery Storage Project in Arizona

Irvine, CA – January 9, 2026 – TransGrid Energy LLC (“TransGrid” or the “Company”), a leading owner and operator of utility-scale renewable energy projects, successfully closed approximately $1.2 billion in related financing transactions to fund the construction of its Atlas VIII standalone battery storage project in La Paz County, Arizona.

The financing package includes:
•$656 million in debt financing through a bank consortium led by Société Générale, Santander, Bilbao Vizcaya Argentaria, Standard Chartered Bank, MUFG Bank, and Shinhan Bank, in their capacity as mandated lead arrangers and joint bookrunners;
•$165 million tax equity financing commitment from a major US financial institution; and
•Tax credit transfer transactions with three purchasers for the sale of up to $350 million in investment tax credits that will be generated by the Atlas VIII project.

When completed, the Atlas VIII project will deliver 382.4 megawatts (MW)/1,529.6 megawatt-hours (MWh) of storage capacity supporting grid reliability, stability, capacity, and resilience for energy customers in California. The Atlas VIII project has a 20-year Resource Adequacy contract with Southern California Edison. The Atlas VIII project is under construction by Qcells, an industry-leading engineering, procurement, and construction (EPC) company, and is scheduled to achieve commercial operation in 2026. When the Atlas VIII project becomes operational, TransGrid will be providing 4.4 gigawatt-hours (GWh) of energy storage to the California market, establishing TransGrid as a major owner and operator of grid-scale storage in the Western U.S.

The successful Atlas VIII financing builds on the momentum of TransGrid’s recent financing for its Atlas VII and Atlas IX projects, announced early last year. Together, the Atlas VII, Atlas VIII and Atlas IX projects represent a significant expansion of TransGrid’s battery energy storage portfolio, reinforcing TransGrid’s ability to execute multiple large-scale developments and deliver critical capacity to support California’s clean energy transition.

“The Atlas VIII financial close underscores the confidence our partners place in TransGrid’s ability to execute and deliver gigawatt-scale energy storage solutions,” said Sean Park, President of TransGrid Energy. “Atlas VIII will play a critical role in advancing grid reliability and accelerating the clean energy transition, pushing our operational battery storage capacity beyond 4.4 GWh in the CAISO market in 2026.”

“Société Générale is committed to advancing the global energy transition,” said Sang Joon Lee of Société Générale’s Energy Plus Group. “We recognize the vast economic potential of the battery market as one of the fastest growing sources of power in CAISO and are thrilled to partner with top tier developers like TransGrid as they continue to lead the growth of renewable power generation.”

“Utility-scale battery energy storage is becoming a cornerstone of grid reliability and renewable integration in the CAISO market,” said Andrew Platt, Head of Santander Corporate & Investment Banking’s U.S. Power and Energy Group. “Santander is proud to support TransGrid Energy in financing Atlas VIII, delivering flexible capacity and critical grid services that will help advance California’s clean energy transition for years to come.”

“TransGrid Energy and the entire Hanwha family of companies exemplify the cutting edge of utility-scale energy project development both here in the U.S. and globally. MUFG shares Hanwha’s commitment to innovation and excellence in the renewables sector and is proud to support Atlas VIII,” said Elizabeth Waters, Managing Director, Project Finance, MUFG. “This marks our first transaction with TransGrid and we are extremely excited to deepen this growing global relationship. We look forward to more opportunities to support them in the development of large utility-scale battery storage projects in both California and other key markets in the U.S.”

Mayer Brown served as TransGrid’s counsel for the debt, hybrid tax equity, and tax credit transfer transactions, with Rose Law Group as TransGrid’s local counsel. Paul Hastings served as lenders’ counsel, with Quarles & Brady as the local counsel for the lenders and the tax equity investor. Norton Rose Fulbright represented the tax equity investor, while Milbank, Vinson & Elkins and Nixon Peabody served as counsel for the tax credit purchasers. CRC-IB served as TransGrid’s advisor on the tax equity and tax credit transfer transactions.

About TransGrid Energy
TransGrid Energy LLC, a wholly-owned subsidiary of Hanwha FutureProof, invests in, owns and operates battery storage and solar projects across the United States that will drive the shift to a clean energy future. TransGrid leverages its deep renewable energy expertise, proven project execution capability, and significant capital to usher in the era of clean, reliable energy. Founded in 2023, TransGrid’s growing portfolio of utility-scale storage and solar PV projects consists of 2.6 GW of capacity, of which 729 MW are currently operational. As a member company of Hanwha Group, a global leader in renewable energy solutions, TransGrid is committed to providing sustainable energy solutions.