Plus Power Secures $133M Financing for 150-MW BESS

Jun 14, 2024 06:33 PM ET
  • Plus Power secures $133 million for 150MW/300MWh battery in Massachusetts, set to go online in 2025. Leading the way in clean energy storage solutions.

US battery storage specialist Plus Power has secured $133 million in financing to bring online a 150-MW/300-MWh standalone battery in Massachusetts. The Cranberry Point Energy Storage project in Carver, Massachusetts, will provide services to the New England grid and was successful in an auction run by the ISO-NE in 2021, with capacity commitments through 2031.

The financing includes a construction-to-term loan, bridge loan, and letter of credit facility, with First Citizens Bank and Nord LB as coordinating lead arrangers. The project will also benefit from Clean Peak Energy Certificates in Massachusetts and is expected to go online in the summer of 2025. Plus Power will have a total of seven operational BESS totaling 1,325 MW/3,500 MWh by summer 2024 in Hawaii, Texas, and Arizona.

What financing was secured for the 150-MW/300-MWh battery project in Massachusetts?

  • $133 million in financing secured for the 150-MW/300-MWh Cranberry Point Energy Storage project in Massachusetts
  • Financing includes a construction-to-term loan, bridge loan, and letter of credit facility
  • First Citizens Bank and Nord LB are coordinating lead arrangers for the financing
  • Project will benefit from Clean Peak Energy Certificates in Massachusetts
  • Expected to go online in the summer of 2025
  • Plus Power will have a total of seven operational BESS totaling 1,325 MW/3,500 MWh by summer 2024 in Hawaii, Texas, and Arizona.
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