OCI Energy Closes $130 Million Tax Equity for 120 MW Alamo City Battery Project Near San Antonio

Energy Storage News Utility-Scale BESS
Marin Holt
July 17, 2026
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5 minutes read

Tax equity: $130 million
Capacity: 120 MW / 480 MWh
Duration: 4-hour
Offtaker: CPS Energy
COD: 2027

OCI Energy has closed roughly $130 million in tax equity financing with Greenprint Capital for its Alamo City Battery Energy Storage System in Bexar County, Texas, the developer said on June 22, 2026. The 120 MW / 480 MWh project near San Antonio is backed by a long-term Storage Capacity Agreement with CPS Energy and is scheduled to reach commercial operation in 2027.

The financing completes a major layer of the project’s capital stack, following construction debt that ING arranged in 2025 and a groundbreaking held in May 2026. Greenprint Capital described the deal as one of its early investments using the technology-neutral Clean Electricity Investment Credit, a structure that lets OCI Energy lower its cost of capital as federal storage incentives shift.

Alamo City is a four-hour system: it can discharge its full 120 MW for four hours straight, enough to power about 30,000 homes during periods of peak ERCOT demand. That duration places it among the longer-discharge assets in a Texas market where most batteries are built for one- and two-hour dispatch. LG Energy Solution Vertech is supplying the batteries and Elgin Power Solutions is serving as engineering, procurement and construction contractor.

CPS Energy, the nation’s largest municipally owned electric and gas utility, holds the offtake. The long-term capacity agreement gives OCI Energy contracted revenue rather than exposure to volatile ERCOT merchant prices, the structure that has made tax equity investors willing to fund four-hour storage in the first place. For CPS, the contract adds dispatchable capacity as San Antonio-area load climbs and the utility works to firm up an increasingly solar-heavy supply mix.

Why It Matters

Four-hour batteries are still the exception in ERCOT, where the economics have favored shorter-duration systems that chase price spikes. A signed utility capacity contract plus a tax equity close is the combination that unlocks longer-duration projects: the contract supplies bankable revenue, and the Clean Electricity Investment Credit supplies the equity. Developers weighing 480 MWh-class systems in Texas should read the Alamo City stack (municipal offtake, ING construction debt, Greenprint tax equity) as the template that is currently financeable, and watch whether the technology-neutral credit holds through the 2027 build.

Critical Perspective

OCI Energy’s $130 million tax equity close with Greenprint Capital covers a 120 MW / 480 MWh, four-hour battery whose economics hinge on the technology-neutral Clean Electricity Investment Credit. The developer pitches the Alamo City capital stack as a currently financeable template, yet that template rests on a federal credit the announcement itself concedes may not hold through the 2027 commercial operation date. Standalone storage only became independently creditable when the Inflation Reduction Act created a dedicated credit in 2022, and before that developers had to bolt batteries onto solar arrays to claim any credit at all, which bent project design around the tax code rather than the grid. If the technology-neutral credit is trimmed before Alamo City energizes, does the CPS Energy capacity contract alone still make a four-hour asset pencil out in a market ERCOT built for one- and two-hour dispatch?