On 7 October 2025, Greenflash Infrastructure LP (Greenflash), an H.I.G. Capital-backed energy platform, announced the closing of an innovative hybrid tax capital and debt financing for Project Soho – a 400MW/800MWh standalone battery storage project in Brazoria County, Texas.¹

Deutsche Bank Trust and Securities Services (TSS) was selected as administrative agent, collateral agent, and depositary bank on this project financing for Greenflash Infrastructure. The transaction also included debt financing led by Deutsche Bank, which served as coordinating lead arranger and sole bookrunner.

As the largest standalone battery energy storage system (BESS) currently under construction in Texas, the project stands out as a landmark achievement. It is currently ahead of schedule to energise in the first quarter of 2026 and achieve commercial operations in Q2.

The transaction included a preferred equity investment from funds managed by Wafra, Inc. (Wafra), a global alternative investment manager. Acadia Infrastructure Capital, LP (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 US-based insurance company.

“We designed this financing structure to be a scalable, repeatable template for our 5GW near-term ERCOT pipeline”
Josh Prueher, Co-Founder and Managing Partner, Greenflash Infrastructure

Josh Prueher, Co-Founder and Managing Partner, Greenflash Infrastructure, explained, “We designed this financing structure to be a scalable, repeatable template for our 5GW near-term ERCOT pipeline.” He also noted, “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.”

Prueher added, “Deutsche Bank Trust and Securities Services played an important role as agent, helping ensure an efficient and well-coordinated closing process. We appreciate their support and professionalism throughout the transaction.”

The transaction, said Jeremy Eisman, Head of Infrastructure and Energy Financing at Deutsche Bank, “further strengthens the H.I.G./Deutsche Bank relationship and represents our continued commitment to finance well-positioned battery storage assets that improve grid reliability”.

“This transaction further strengthens the H.I.G./Deutsche Bank relationship”
Jeremy Eisman, Head of Infrastructure and Energy Financing, Deutsche Bank

Brian Studdert, Head of Trust & Securities Services, Americas, Deutsche Bank reflected, “We are pleased to provide the full suite of project finance agency services on Greenflash’s inaugural project financing transaction, alongside the Deutsche Bank Infrastructure & Energy team.”

Sources

¹ See financialcontent.com