Wafra Invests in Greenflash Battery Energy Storage System

Paul, Weiss is advising funds managed by Wafra, Inc., in their preferred equity investment in Greenflash Infrastructure, L.P., an H.I.G. Capital-backed energy platform. The investment, made alongside a preferred equity investment from Acadia Infrastructure Capital, L.P., will provide financing for Greenflash’s standalone battery storage project in Brazoria County, Texas—the largest standalone battery energy storage system currently under construction in Texas. 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.

The Paul, Weiss team is led by corporate partners Ravi Purohit and Lukas Richards.