Plus Power, a prominent US battery storage specialist, has finalized financing totaling USD 133 million (EUR 124.2m) to advance a significant utility-scale standalone battery in Massachusetts and bolster services to the New England grid.
The financing package, which includes a construction-to-term loan, bridge loan, and letter of credit facility, will support the completion of Plus Power's Cranberry Point Energy Storage project, a substantial 150-MW/300-MWh facility located in Carver, Massachusetts. This announcement was made on Thursday.
First Citizens Bank and Nord LB acted as coordinating lead arrangers, with Investec and Siemens Financial Services serving as joint lead arrangers. Investec will manage the administrative aspects, while U.S. Bank has been appointed as the depositary bank.
Securing its position through a successful 2021 auction by the Independent System Operator of New England (ISO-NE), the Cranberry Point Energy Storage project will contribute capacity to the ISO-NE market until 2031. Additionally, the project is set to benefit from Clean Peak Energy Certificates (CPECs) in Massachusetts.
Concurrently, Plus Power's Cross Town Energy Storage project in Gorham, Maine, with a capacity of 175-MW/350-MWh, also received a commitment for capacity payments from ISO-NE through 2031 during the same auction.
Construction is currently underway for both the Cranberry Point and Cross Town projects, with Plus Power aiming for completion by summer 2025. The Cross Town Energy Storage facility is expected to become the largest battery in the region, while Cranberry Point will be the second largest upon completion.
By summer 2024, Plus Power plans to have seven operational battery energy storage systems (BESS), totaling 1,325 MW/3,500 MWh, spread across Hawaii, Texas, and Arizona.
