Plus Power Successfully Secures $1.8 Billion Financing
Plus Power has secured an impressive $1.8 billion in financing to advance the development of five Independent Battery Storage projects in Texas, marking a significant milestone in the renewable energy industry. This fundraising effort was supported by eleven financial institutions and is said to be the largest single project financing for standalone battery storage to date.
The funds will fuel the construction and operation of these projects, with a combined capacity of 1,040 MW and 2,760 MWh. A substantial portion of the financing, $707 million, will be allocated to the Sierra Estrella Energy Storage facility in Avondale, Arizona. This deal is considered the largest financing package ever secured for a standalone battery storage project, showcasing the growing confidence in this technology.
Plus Power Project Portfolio and Regional Impact
The remaining projects will be concentrated in Texas, adding 700 MW of battery capacity to the ERCOT grid. This expansion is crucial for the region, which faces increased demand due to extreme temperatures and a shortage of operating reserves on the power grid.
The completed transactions include $884 million in construction, term, and tax equity financings for three standalone storage facilities in Texas. Plus Power’s ERCOT portfolio will now boast 800 MW and 1,575 MWh of capacity, making it a significant player in the energy storage market.
The projects in Texas, including the Rodeo Ranch, Ebony, and Anemoi Energy Storage facilities, will help address the state’s power needs, particularly during periods of high demand. In addition, the Sierra Estrella and Superstition Energy Storage projects in Arizona will provide much-needed energy storage solutions to meet the growing demand in that state. This substantial financing will contribute to a more resilient and sustainable energy grid, highlighting the importance of battery storage in the transition to cleaner energy sources.
