King & Spalding advised Axium Infrastructure, a private equity fund based in Montreal and New York that focuses on energy and infrastructure investments, on its acquisition from Recurrent Energy of an 80% interest in the Crimson Battery Energy Storage Projects. Following the acquisition, K&S continued to represent the project companies on structuring, negotiating, and closing a debt financing for the projects, along with deal contingent interest rate protection. The debt financing closed September 2, allowing the sponsor team to break ground and commence construction. The Crimson Battery Energy Storage Projects were developed by Recurrent Energy, a leading developer of renewable energy projects in North America, and will provide 350 MWs of storage capacity to California’s grid once construction is complete in 2022. The projects are critical to increasing the resiliency of California’s electric grid and allow for higher renewable energy penetration in the state.