San Antonio, TX – Sept. 22, 2025 – OCI Energy has secured construction financing for Project Alamo City, a flagship battery energy storage system (BESS) under development in Bexar County, Texas. The project, backed by CPS Energy, will provide 120 MW / 480 MWh of storage capacity, designed to bolster grid reliability at a time of rising electricity demand and shifting generation resources.
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OCI Energy selected ING to structure and underwrite the financing package, which includes a construction-to-term loan, a tax equity bridge loan, and letters of credit. ING acted as sole coordinating lead arranger, sole bookrunner, sole green loan coordinator, and administrative agent for the deal.
“Project Alamo City represents a bold step forward in our commitment to enhancing grid stability and ensuring long-term energy reliability,” said Sabah Bayatli, President of OCI Energy. “It also marks OCI Energy’s return as a developer-owner-operator in the project finance space, and partnering with a financial institution like ING has been instrumental in bringing this transformative project to fruition.”
The project is backed by a 20-year Storage Capacity Agreement with CPS Energy, the largest municipally-owned electric and natural gas utility in the U.S. Under the contract, OCI Energy will finance, develop, construct, and own the project, while CPS Energy will control its operations to serve customers across the San Antonio region.
“The successful financing of Project Alamo City is a testament to the strength of the partnership between OCI Energy and ING Capital LLC,” said Sven Wellock, Head of Renewables and Power, Americas at ING. “This project not only advances the deployment of cutting-edge battery storage technology in Texas, but also demonstrates the power of collaborative, innovative financing to accelerate the energy transition. We are proud to support OCI Energy and CPS Energy in delivering a project that will provide lasting benefits to the community and the broader energy market.”
Project Alamo City brings together a consortium of leading industry players:
Construction is expected to generate significant local economic activity, with the plant scheduled to enter commercial operation in Q3 2027.
The project reflects OCI Energy’s strategy of expanding its nationwide solar and storage portfolio, with a target of up to 10 GW by 2028. Established in 2012, OCI Energy has positioned itself as a developer-owner-operator, leveraging experience across the full project lifecycle — from early development through asset management.
For ING, a global financial institution with a strong European base, Project Alamo City underscores its role in green financing and its expanding presence in U.S. renewable infrastructure.
By delivering grid-strengthening capacity and partnering with CPS Energy, Project Alamo City is expected to play a critical role in supporting Texas’ evolving energy landscape, ensuring that growing communities and industries benefit from reliable, resilient, and cleaner power resources.
Originally reported by Global News Wire in The Manila Times.
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