Plus Power, a developer and owner of energy storage projects, secured approximately $98 million in tax equity financing from Greenprint Capital Management to develop the 200 MW/ 400 MWh Ebony energy storage project.
The investment from Greenprint Capital Management is expected to help the project stabilize ERCOT’s power system during dynamic summer demand and cold winter storms while helping to integrate more renewable energy into the grid.
The Ebony energy storage project is located near San Antonio, Texas. The construction started in March 2023 and will come online during the spring of 2024.
Plus Power announced in 2023 that it completed a $1.8 billion financing for Ebony and four other projects in Arizona and Texas.
By summer 2024, Plus Power is expected to have four operating storage plants in the ERCOT market, totaling 800 MW/ 1575 MWh. Plus Power currently operates the 100 MW Gambit Energy Storage facility in Angleton, Texas, and the 300 MW / 600 MWh Rodeo Ranch Energy Storage facility in Pecos, Texas.
“Plus Power is a first mover among owner/operators of standalone battery energy storage facilities from coast to coast,” said Peter DeFazio, managing director of Greenprint. “We are proud to support one of the company’s several near-term assets, which are helping economies across America to decarbonize their energy and improve reliability. We look forward to a long-term partnership.”
According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, energy storage announced project funding saw the highest amount of funding raised to date in 2023, increasing 62% YoY for a total of $9.9 billion in 38 Energy Storage project funding deals compared to $6.1 billion raised in 41 deals in 2022.
Spearmint Energy, an energy storage project developer, announced the addition of Nuveen to its $200 million enhanced credit facility with Aiga Capital Partners. The term loan will support the development and construction of a 2.8 GW portfolio of battery energy storage system assets.
