Crux secures financing for UC San Diego battery storage project

Crux has arranged a senior secured construction-to-term loan to fund an 8 MW/40 MWh battery energy storage system (BESS) at the University of California, San Diego. The project, being built by EnerSmart Storage, aims to enhance campus energy resilience and reduce electricity costs during peak-demand periods.

The battery system will connect directly to the university’s advanced microgrid and is supported by a 10-year resource adequacy contract. This integration is intended to improve the reliability of the campus electricity supply and contribute to regional grid resilience.

Crux secured the financing through a targeted process, obtaining competitive debt and preferred equity proposals within three weeks. The facility size was later expanded to account for increased equipment costs linked to tariffs. The transaction closed six weeks after the term sheet was signed.