Plus Power, a developer and owner of energy storage projects, announced the completion of $1.8 billion in new financing for standalone battery storage projects. The company will use the capital to fund the construction and operations of five projects.
The financing commitments announced will cover five projects totaling 1,040 MW/2,760 MWh. The transactions will support the portfolio’s construction and operations, including construction financing, term financing, letters of credit, and tax equity investments in partnership with 11 leading industry lenders and investors.
The transactions included construction, term, and tax equity financings totaling $884 million on three new standalone storage facilities in Texas. They bring Plus Power’s current ERCOT portfolio to 800 MW or 1,575 MWh.
They include $212.2 million of tax equity financing from Foss & Company, as well as $276 million of construction and term financing for the 300 MW / 600 MWh Rodeo Ranch Energy Storage facility in Pecos; $196 million of construction and term financing for the 200 MW / 400 MWh Ebony Energy Storage facility in Comal County, northeast of San Antonio.; $200 million of construction and term financing for the 200 MW / 400 MWh Anemoi Energy Storage facility in Hidalgo County, on the Mexican border northwest of Matamoros.
The Sierra Estrella project was one of two Plus Power’s landmark project financings in Arizona that totaled $903 million and 340 MW / 1,360 MWh.
The financings include $202 million of tax equity for the 250 MW / 1,000 MWh Sierra Estrella Energy Storage facility in Avondale from Bank of America and a $505 million construction, term loan, and letter of credit facility. $196 million construction, term loan, and letter of credit facility for the 90 MW / 360 MWh Superstition Energy Storage project in Gilbert, southeast of Phoenix.
According to Mercom’s recently released 9M and Q3 2023 Energy Storage and Smart Grid Report, there were 26 announced Energy Storage project funding deals in 9M 2023, bringing in a combined $6.8 billion compared to $5.4 billion in 34 deals in 9M 2022.