First Citizens Bank Leads $133 Million Financing for Massachusetts Battery Storage Project

First Citizens Bank announced today that its Energy Finance business has taken the lead in arranging $133 million in financing for the new Cranberry Point Energy Storage project in Carver, Massachusetts.

This project, developed by Plus Power, marks a significant milestone as the first major utility-scale standalone battery storage facility under construction on the New England grid.

Cranberry Point is a 150 MW / 300 MWh battery energy storage project slated for completion in the second quarter of 2025. The facility will occupy approximately 6 acres of land and connect to critical transmission infrastructure, enhancing power reliability and facilitating the integration of clean electricity across the region.

Josh Goldstein, Chief Financial Officer at Plus Power, emphasized the project’s significance, stating, “Our Cranberry Point project is another breakthrough for battery energy storage, which continues to prove its value in improving power reliability and integrating more clean electricity nationwide. We highly value the industry knowledge and expertise of the First Citizens team in arranging this financing.”

Mike Lorusso, head of First Citizens Bank’s Energy Finance business, echoed this sentiment, saying, “The Cranberry Point Energy Storage facility is poised to improve grid stability and reliability while ensuring the efficient use of clean power in the region. We were pleased to serve as coordinating lead arranger for this important battery storage project on behalf of Plus Power, which continues to build its reputation as a leader in the battery storage sector.”

First Citizens Energy Finance leverages its extensive industry knowledge and expertise to provide comprehensive financing solutions for both renewable and conventional power generation. The unit manages a diverse portfolio that includes investments across all asset classes within the energy sector.

About First Citizens Bank

First Citizens Bank, headquartered in Raleigh, North Carolina, is a top 20 U.S. financial institution with over $200 billion in assets. The bank offers a wide array of personal, business, commercial, and wealth management services, including a network of over 500 branches and offices in 30 states, along with nationwide direct banking.

With its leading role in financing the Cranberry Point Energy Storage project, First Citizens Bank reaffirms its commitment to supporting the growth of clean energy infrastructure and contributing to a more sustainable energy future.

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