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October 28, 2026 • 1-minute read
Vinson & Elkins advised GridStor in connection with the financing of White Tank, a 100 MW / 400 MWh stand-alone battery energy storage project located in Maricopa County, Arizona, which has a 20-year offtake arrangement with Arizona Public Service Company. The financing consists of a construction loan of up to approximately $140.9 million, a tax equity bridge (ITC) loan of up to approximately $64.9 million and a term loan of up to approximately $118.4 million, together with letters of credit. Zions Bancorporation, N.A. acted as administrative agent, collateral agent, coordinating lead arranger and LC issuer; ING Capital LLC acted as coordinating lead arranger, green loan structuring agent, and LC issuer; and KeyBank Capital Markets Inc. acted as coordinating lead arranger.
The Vinson & Elkins team was led by Partners Josh Heideman and Lauren Collins, with assistance from Senior Associate Eric Backman and Associates Donovan Blount, Mateo Camacho, and Cody Markel.
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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Awards & Rankings
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August 27, 2025 • V&E+ Values
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