OCI Energy and CPS Energy break ground on Alamo City Battery Energy Storage Project

Rhea-AI Summary

ING (NYSE:ING) is providing construction financing for the Alamo City Battery Energy Storage System (BESS) in Bexar County, Texas. The 120 MW / 480 MWh standalone facility, developed and owned by OCI Energy with CPS Energy operational control, is designed to support about 30,000 homes for up to four hours during peak demand.

Partners include LG Energy Solution Vertech as battery supplier and Elgin Power Solutions as EPC contractor. Alamo City BESS is expected to enter commercial operation in 2027, enhancing grid reliability and flexibility for the San Antonio region.

Positive

• Construction financing role in 120 MW / 480 MWh Alamo City BESS
• Supports large standalone battery storage infrastructure in the Texas power market

Negative

• None.

News Market Reaction – ING

+3.83%

+3.83% Session close to close

In the May 20 session, ING gained 3.83%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights ING Capital’s role in financing the Alamo City BESS, a 120 MW / 480 MWh...

Analysis

This announcement highlights ING Capital’s role in financing the Alamo City BESS, a 120 MW / 480 MWh storage project expected to begin commercial operation in 2027. It reinforces ING’s ongoing involvement in large-scale energy infrastructure, echoing prior participation in a $650 million community solar package. Investors may monitor future financings of similar scale, execution progress on this project, and additional disclosures in regulatory filings to assess how consistently such mandates support earnings and strategic positioning.

Key Figures

Project capacity: 120 MW Energy storage: 480 MWh Homes powered: 30,000 homes +5 more

8 metrics

Project capacity 120 MW Alamo City Battery Energy Storage System

Energy storage 480 MWh Alamo City BESS storage capacity

Homes powered 30,000 homes Approximate households supported for up to four hours

Discharge duration four hours Maximum duration Alamo City BESS can supply power

Commercial operation 2027 Expected start of commercial operation for Alamo City BESS

Electric customers 970,000 CPS Energy electric customers served

Gas customers 390,000 CPS Energy natural gas customers served

City revenue contribution $10.1 billion Revenue generated for City of San Antonio since 1942 by CPS Energy

Historical Context

1 past event · Latest: Apr 01 (Positive)

Pattern 1 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 01	Project financing	Positive	+2.9%	ING Capital joined lenders in a $650M community solar financing package.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Limited recent history in the dataset; the last news-linked financing event showed a positive price alignment.

Recent Company History

Over the past months, ING has featured in at least one notable financing-related announcement. On Apr 01, 2026, ING Capital participated in a $650 million community solar financing package for Dimension Energy, supporting a 132 MW portfolio across several U.S. states; the stock moved about 2.92% higher over the next day. Today’s Alamo City BESS groundbreaking again highlights ING’s role in large-scale energy infrastructure financing within the power and renewables ecosystem.

Key Terms

battery energy storage system, bess, energy storage, engineering, procurement, and construction, +2 more

6 terms

battery energy storage system technical

"official start of construction on the Alamo City Battery Energy Storage System (BESS)"

A battery energy storage system is a device that stores electricity for later use, much like a rechargeable battery for a phone or laptop. It allows energy generated during times of low demand or from renewable sources to be saved and released when needed, helping to balance supply and demand. For investors, it represents a way to support reliable energy flow and capitalize on the increasing demand for flexible, clean power solutions.

bess technical

"Alamo City Battery Energy Storage System (BESS). The ceremonial groundbreaking"

BESS stands for Battery Energy Storage System, a technology that stores electricity for later use. Think of it as a large rechargeable battery that can hold excess power generated during times of low demand and release it when usage is high, helping balance supply and demand. This is important for investors because it supports the stability of energy grids, enables the integration of renewable sources, and can create new opportunities for profitability in the energy market.

energy storage technical

"One of the largest standalone energy storage projects in the region"

Energy storage involves capturing and holding excess energy produced during periods of low demand for later use when demand is higher. Think of it like a rechargeable battery that saves power for when it’s needed most. For investors, energy storage is important because it helps balance supply and demand, making energy systems more reliable and efficient, which can influence the value of energy-related assets and technologies.

engineering, procurement, and construction technical

"Elgin Power Solutions is serving as the Engineering, Procurement, and Construction contractor"

Engineering, procurement, and construction (EPC) is a contract model where a single party designs a project, buys the necessary equipment and materials, and builds the facility to hand over a finished, working asset. Investors watch EPC arrangements because they concentrate responsibility for cost, schedule and quality with one contractor—much like hiring a general contractor to design, buy and build a house—so contractor performance directly affects project returns and risk exposure.

epc contractor technical

"Elgin Power Solutions is a leading U.S. power system manufacturer and EPC contractor"

An EPC contractor is a firm hired to design a project, buy the required equipment and materials, and build it to working order — think of a single company acting like an architect, buyer and builder combined. For investors this matters because EPC contracts usually set fixed prices, schedules and performance guarantees, so the contractor’s ability to deliver on time, on budget and to specifications directly affects project returns, cost risk and cash flow predictability.

utility-scale technical

"developer, owner, and operator of utility-scale solar and battery energy storage projects"

Large-scale infrastructure, usually for electricity generation or storage, built to supply power to the public grid rather than to a single home or small business. Think of it as a factory-sized plant versus a backyard installation: it requires much more capital, land and permitting but can sell large volumes of power under long-term contracts, so investors care because it offers predictable, utility-level revenue streams, different risk profiles and regulatory exposure compared with small projects.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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One of the largest standalone energy storage projects in the region, Alamo City BESS will bring flexible power and long‑term energy resilience to the San Antonio area

SAN ANTONIO, May 19, 2026 /PRNewswire/ -- Today, OCI Energy, CPS Energy, and their project teams gathered in southeastern Bexar County to mark the official start of construction on the Alamo City Battery Energy Storage System (BESS).

The ceremonial groundbreaking commemorated the transition from development to the build phase of one of the largest standalone battery energy storage projects in the region. The project is designed to strengthen how the San Antonio community is served during periods of highest electricity use.

Once completed, the 120 MW / 480 MWh facility will be capable of powering approximately 30,000 homes for up to four hours, delivering critical support during periods of peak demand. By shifting how and when electricity is supplied, the project is designed to help deliver power more efficiently and economically.

"This project represents a significant step forward toward realizing a more resilient, reliable energy system that San Antonians can be truly proud of," said Sabah Bayatli, President, OCI Energy. "This groundbreaking reflects years of thoughtful coordination, planning, and hard work - and once completed, it will help the electric system better manage peak demand events."

OCI Energy developed and financed the Alamo City BESS and will retain ownership under a long‑term storage capacity agreement with CPS Energy, who will have operational control of the facility to serve the San Antonio region when needed.

"Energy storage is a critical component of how we prepare for the future," said Rudy D. Garza, President & CEO of CPS Energy. "Projects like Alamo City BESS give us the flexibility to meet growing demand, integrate more diverse energy resources, and ensure our community has reliable power when it matters most."

Organizations with deep experience across the energy sector are supporting the delivery of this project. ING is providing construction financing, LG Energy Solution Vertech is supplying the battery energy storage technology, and Elgin Power Solutions is serving as the Engineering, Procurement, and Construction contractor.

This collaboration represents a significant investment in the region and a shared commitment to building durable infrastructure that supports Texas' energy system during periods of high demand.

"Breaking ground on Alamo City BESS marks an important milestone in turning plans into real, resilient infrastructure for the San Antonio region," said Sven Wellock, Head of Renewables and Power, Americas, ING. "Battery storage plays a critical role in strengthening grid reliability during periods of peak demand, and we are pleased to support OCI Energy and CPS Energy in delivering a project that combines scale, flexibility, and long-term value for the community."

"We're proud to support the Alamo City energy storage project and to see construction begin," said Jaehong Park, CEO and President of LG Energy Solution Vertech. "This project adds further resiliency and stability to the grid, leveraging energy storage to ease demand constraints and improve energy availability."

"Alamo City BESS represents the kind of forward-looking infrastructure investment needed to support a more reliable and flexible electric grid," said Austin Hall, President, Elgin Power Solutions. "Our team is excited to help deliver a project that will provide long-term value to the San Antonio region and support energy resilience for years to come."

Alamo City BESS is expected to enter commercial operation in 2027.

About OCI Energy
OCI Energy is a U.S.-based developer, owner, and operator of utility-scale solar and battery energy storage projects, with a track record of delivering some of Texas' earliest large-scale solar developments. Since 2012, the company has advanced a growing portfolio of projects across key U.S. power markets, spanning the full lifecycle from early-stage development through asset management. With a multi-gigawatt pipeline and continued expansion underway, OCI Energy is helping meet rising energy demand with reliable, secure, and affordable power that supports communities and strengthens the grid.

About CPS Energy
Established in 1860, CPS Energy is the nation's largest public power, natural gas, and electric company, providing safe, reliable, and competitively-priced service to approximately 970,000 electric and 390,000 natural gas customers in San Antonio and portions of seven adjoining counties. Our customers' combined energy bills rank among the lowest of the nation's 20 largest cities – while generating $10.1 billion in revenue for the City of San Antonio since 1942. As a trusted and strong community partner, we continuously focus on job creation, economic development, and educational investment. We are powered by our skilled workforce, whose commitment to the community is demonstrated through our employees' volunteerism in giving back to our city and programs aimed at bringing value to our customers.

About ING Capital
ING Capital LLC is a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Groep NV (NYSE: ING), a global financial institution with a strong European base. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank's more than 53,000 employees offer retail and wholesale banking services to customers in over 40 countries. Please note that neither ING Groep NV nor ING Bank NV have a banking license in the U.S. and are therefore not permitted to conduct banking activities in the U.S.

About LG Energy Solution Vertech
LG Energy Solution Vertech is the U.S. energy storage division of LG Energy Solution. Via a single contract, the company delivers complete systems, long-term warranties, expert services, and advanced software. The combination of excellence in technology coupled with nearly two decades of energy storage experience makes LG Energy Solution Vertech a leader in the global energy storage market.

In 2022, LG Energy Solution acquired NEC Energy Solutions and established LG Energy Solution Vertech Inc. By vertically integrating the battery manufacturer and integrator, LG Energy Solution Vertech offers customers a uniquely streamlined experience and comprehensive support through a system-level contracting process. LG Energy Solution Vertech provides bankable, reliable, and comprehensive energy storage solutions as a lifetime energy storage partner. 

About Elgin Power Solutions
Elgin Power Solutions is a leading U.S. power system manufacturer and EPC contractor specializing in high voltage substations, battery energy storage systems (BESS), transmission lines, custom switchgear and other high-voltage infrastructure projects. With more than 45 years of experience, Elgin delivers engineered solutions for a wide range of energy markets across North America. Backed by in-house engineering, manufacturing, and construction capabilities, Elgin is known for reliable execution, industry-leading expertise, and a commitment to delivering safe, high-quality power infrastructure solutions that support long-term grid resilience and performance.

Media Contacts
OCI Energy: Leslie Garza-Wright, lgwright@ocienergy.com, 210-612-4978
CPS Energy: Sydney Colwell, cpsenergy@cpsenergy.com, 210-353-2344
ING America Region: Michael Constantine, Michael.Constantine@ing.com, 646-424-7053
LG Energy Solution Vertech: Licole Sheridan, lsheridan@lgensol-vt.com, 914-656-0002 
Elgin Power Solutions: Allison Woods, Allison.woods@elginpower.com, 630-485-1509

View original content to download multimedia:https://www.prnewswire.com/news-releases/oci-energy-and-cps-energy-break-ground-on-alamo-city-battery-energy-storage-project-302776807.html

SOURCE OCI Energy

FAQ

What is ING's role in the Alamo City Battery Energy Storage project (NYSE:ING)?

ING is providing construction financing for the Alamo City BESS project. According to ING, this financing supports one of the region's largest standalone battery storage facilities, backing OCI Energy and CPS Energy in enhancing grid reliability in San Antonio.

How large is the Alamo City BESS project that ING (NYSE:ING) is financing?

The Alamo City BESS project is a 120 MW / 480 MWh energy storage facility. According to OCI Energy, it is designed to power about 30,000 homes for up to four hours and support the grid during peak electricity demand in the San Antonio area.

When is the ING-financed Alamo City BESS expected to start commercial operation?

Alamo City BESS is expected to enter commercial operation in 2027. According to OCI Energy, the project has now moved from development to construction and will provide long-term energy resilience and peak-demand support once operational for the San Antonio region.

Which companies are partnering with ING on the Alamo City BESS project (NYSE:ING)?

Key partners include OCI Energy, CPS Energy, LG Energy Solution Vertech, and Elgin Power Solutions. According to these companies, OCI developed and owns the project, CPS will control operations, LG supplies battery technology, and Elgin serves as EPC contractor.

How will the Alamo City BESS project impact grid reliability for CPS Energy customers?

Alamo City BESS is intended to strengthen grid reliability during peak demand events for CPS Energy customers. According to CPS Energy, the 120 MW / 480 MWh system provides flexible storage capacity, helping meet growing demand and integrate more diverse energy resources in San Antonio.

Why is ING's financing of the Alamo City BESS significant for the Texas energy market?

The financing supports one of the largest standalone battery storage projects in the region. According to ING and OCI Energy, the project adds flexible capacity that can ease demand constraints, improve energy availability, and contribute to more resilient, long-term infrastructure for Texas' power system.