Plus Power, a leading developer of battery energy storage systems, has successfully closed financing for the Cranberry Point Energy Storage project in Carver, Massachusetts.
This 150 MW / 300 MWh facility represents a significant milestone, being the first major utility-scale standalone battery storage system in construction on the New England grid.
Notably, it is also the first project of its kind to benefit from Massachusetts’ Clean Peak Energy Certificates (CPECs), a groundbreaking incentive program designed to promote clean energy during peak demand periods.
Financing and Key Partners
The project received $133 million in financing, with First Citizens Bank and Nord LB leading the charge as coordinating lead arrangers. Investec and Siemens Financial Services also played a crucial role as joint lead arrangers.
The comprehensive financing package includes a construction-to-term loan, bridge loan, and letter of credit facility. Sheppard Mullin provided legal counsel to Plus Power, while Winston & Strawn represented the lenders.
Enhancing Grid Stability and Reliability with Clean Energy
Cranberry Point is poised to make a significant impact on the New England grid by improving stability and reliability, particularly during extreme weather events that have become increasingly frequent in the region.
The facility will store excess energy generated from renewable sources during off-peak hours and discharge it during periods of high demand, effectively smoothing out fluctuations and ensuring a consistent power supply.
A Leader in Standalone Energy Storage
Plus Power’s expertise in developing, owning, and operating standalone energy storage systems has positioned them as a leader in the industry.
With three operational facilities in Hawaii and Texas, including the largest standalone battery in Texas, the company is rapidly expanding its portfolio.
By summer 2024, Plus Power will have seven operational projects across the U.S., totaling an impressive 1,325 MW and 3,500 MWh of storage capacity.
Paving the Way for a Clean Energy Future
The Cranberry Point project demonstrates the growing importance and viability of battery energy storage in the transition to a cleaner energy future.
As renewable energy sources like wind and solar become more prevalent, energy storage systems like Cranberry Point play a crucial role in ensuring a reliable and consistent power supply.
By providing grid services and integrating renewable energy, this project is a significant step towards decarbonizing the power grid and reducing reliance on fossil fuels.
About Plus Power
Plus Power is a leading developer, owner, and operator of transmission-connected battery energy storage systems across the United States. These standalone systems provide essential grid services, including capacity, energy, and ancillary services, facilitating the seamless integration of renewable energy resources.
Headquartered near Houston, with additional offices in San Francisco, Chicago, and Miami, Plus Power is strategically positioned at the intersection of energy, technology, and finance. The company’s innovative approach and commitment to clean energy solutions are driving the transition to a more sustainable and resilient power grid.
To learn more about Plus Power and its growing portfolio of battery energy storage projects, visit their website at www.pluspower.com.
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