Flatiron Energy announced that it has secured about $850 million in construction and term financing commitments for its Energizar Battery Project located in Chelsea, Massachusetts, part of the Boston metropolitan area.

The facility will be a standalone battery energy storage system with a capacity of 1,200 MWh, making it the largest such installation on the U.S. East Coast and one of the biggest urban battery projects worldwide.

Commercial operation is targeted for the fourth quarter of 2027, according to Flatiron Energy, which expects the plant to deliver peaking capacity and reliability services to the regional grid and reduce dependence on fossil‑fuel generation.

The financing package comprises construction and bridge loans, term loans, letters of credit, a preferred equity commitment, and tax‑credit transfer commitments.

A consortium of lenders led by Nord/LB, Santander and Societe Generale serves as coordinating lead arrangers, with Investec and East West Bank as joint lead arrangers and Siemens Financial Services also participating as a lender.

East West Bank acts as the depositary and Santander as the administrative agent for the loan facilities.

Preferred equity is supplied by a global credit‑asset manager with over $350 billion in assets under management, while two Fortune 500 corporations have committed to transfer a portion of the project's investment tax credits.

Legal counsel for Flatiron Energy includes Orrick, Herrington & Sutcliffe LLP and Foley Hoag LLP; lender counsel comprises Winston & Strawn LLP and Rath, Young and Pignatelli, P.C.

Advisors for the financing structure feature CCA Capital LLC for preferred equity and tax‑credit matters, Riverside Risk Advisors for interest‑rate hedging, and Raymond James Renewable Energy Investments for the tax‑credit purchasers.