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Vinson & Elkins Advises GridStor, LLC on Financing Transactions for Utility-Scale Battery Storage Project in Texas

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October 9, 2026 • 1-minute read

Vinson & Elkins LLP advised GridStor, LLC and its affiliates, as sponsor, in a tax equity financing of the Gunnar Reliability Project, an approximately 150 MW / 300 MWh stand-alone battery energy storage system located in Hidalgo County, Texas. The transaction was structured as a partnership flip, with Foss Prime Fund 2026B, LLC (backstopped by Western Alliance Bank) investing as the Class A investor member in Gunnar TEP, LLC. The tax equity financing amount was approximately $58 million. The project is supported by a senior secured construction and term loan facility that was also led by the Vinson & Elkins team with Norddeutsche Landesbank Girozentrale, New York Branch, as administrative agent and coordinating lead arranger, Siemens Financial Services, Inc. as joint lead arranger, and The Bank of New York Mellon as collateral agent.

In addition to its role as counsel to GridStor in connection with the $58 million tax equity investment, Vinson & Elkins also advised GridStor on the $120 million debt financing package announced in March 2026 to support the development of its Gunnar Reliability Project.

The Vinson & Elkins team was led by Partners Josh Heideman and Lauren Collins, with assistance from Senior Associates Eric Backman and Daisy de Wolff (former), and Associates Cody Markel, Brad Oster, Donovan Blount, Mateo Camacho, and Kenli Core.

About Vinson & Elkins
For more than a century, Vinson & Elkins has provided outstanding client service across important industries that drive the global economy. Built on a strong culture of collaboration across 14 offices worldwide, V&E lawyers are committed to excellence, offering clients decades of legal experience in handling transactions, investments, projects and disputes across the globe. Learn more by visiting www.velaw.com or connect with us on LinkedIn.

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