HOUSTON–(BUSINESS WIRE)–Greenflash Infrastructure, L.P. (“Greenflash”), an H.I.G. Capital-backed energy platform, has successfully closed an innovative hybrid tax capital and debt financing for Project Soho – a 400MW / 800MWh standalone battery storage project in Brazoria County, Texas. The project is the largest standalone BESS currently under construction in TX and is ahead of schedule to energize in Q1 2026, and achieve commercial operations in Q2 2026.
“We designed this financing structure to be a scalable, repeatable template for our 5 GW near-term ERCOT pipeline,” said co-Founder and Vice President, Joel Chisolm.
The transaction included a preferred equity investment from funds managed by Wafra, Inc. (“Wafra”), a global alternative investment manager. Acadia Infrastructure Capital, L.P. (“Acadia”), a North American power infrastructure investment manager, invested preferred equity in Project Soho alongside Wafra. The preferred equity investment is structured to facilitate a tax credit sale to a leading U.S.-based insurance company.
The transaction also included debt financing led by Deutsche Bank which served as Coordinating Lead Arranger and Sole Bookrunner. Deutsche Bank Trust Company Americas served as Administrative Agent, Collateral Agent and Depositary Bank.
“Our team at Greenflash combined innovative hedging and financing with world-class execution to deliver a superior outcome, and we are thrilled to have achieved this important milestone so quickly at Greenflash,” said Josh Prueher, co-Founder and Managing Partner.
“We are pleased to support Greenflash on their inaugural project financing,” said Jeremy Eisman, Head of Infrastructure & Energy Financing, Americas at Deutsche Bank. “This transaction further strengthens the HIG/DB relationship and represents our continued commitment to finance well-positioned battery storage assets that improve grid reliability.”
CRC-IB acted as financial advisor to Greenflash, with Troutman Pepper Locke serving as legal counsel. Latham & Watkins served as legal counsel to Deutsche Bank.
About Greenflash
Based in Houston, TX, and led by a proven team of industry veterans, Greenflash acquires, develops, finances, owns, and operates grid scale energy storage, power generation, and data center powered shell infrastructure globally.
About Wafra
Wafra is a global alternative investment manager with approximately $28 billion of assets under management across a range of alternative assets, including real assets, real estate, and strategic partnerships. By providing flexible and accretive capital solutions and focusing on long-term partnerships, Wafra aligns and partners with high quality asset owners, companies, and management teams. Headquartered in New York, Wafra has additional offices in London and Bermuda.
About Acadia
Founded in 2023, Acadia Infrastructure Capital is a middle-market infrastructure investment firm focused on North American power markets and adjacent opportunities. Grounded in decades of power sector experience, the firm navigates the complexities of the energy market to create lasting value. Acadia’s strategy centers on a long-term, partnership-based approach to value creation within the energy sector.
Contacts
Vishal Apte, Ahmad Atwan, Josh Prueher
Managing Partners, Greenflash
[email protected]
