Plus Power

We had a fantastic time at Monday's ribbon-cutting for Sierra Estrella Energy Storage and Superstition Energy Storage, Plus Power’s flagship #batteryenergystorage projects in #Arizona serving Salt River Project. These new resources will support energy reliability, help meet growing summer peak demand, and integrate renewable energy into SRP’s system, all while creating local jobs and tax benefits for the towns of Avondale and Gilbert, Arizona.     The event included remarks from Plus Power President Alex Fraenkel, Salt River Project Vice President Chris Dobson, Mayor of City of Avondale, AZ Mr. Kenn Weise, and U.S. Department of Energy (DOE) Principal Deputy Assistant Secretary in the Office of Energy Efficiency and Renewable Energy Mr. Jeff Marootian.      Thank you to those speakers and to everyone else who braved the heat to celebrate with us, including our partners at SRP, Burns & McDonnell, Tesla, and many more.     Learn more about Sierra Estrella and Superstition and how they’ll support the SRP power system: https://lnkd.in/dcbCBdPJ.

Today, along with Salt River Project, we were thrilled to celebrate Plus Power’s new energy reliability resources in the Greater Phoenix area: Sierra Estrella Energy Storage in Avondale and Superstition Energy Storage in Gilbert.    Combined, Sierra Estrella and Superstition are adding 340 MW / 1,360 MWh of #batterystorage capacity to SRP’s system, enough to power 76,000 residential homes for a four-hour period. The facilities will serve SRP customers during times of peak electricity demand, supporting power reliability during another hot #Arizona summer. They will also facilitate the continued integration of readily available, domestically produced #renewableenergy sources in the sunny southwestern United States.     We were grateful to gather this morning for a ribbon cutting with landowners, construction and finance partners, Avondale and Gilbert leaders, state and federal representatives, and others who helped bring these projects to the finish line. Stay tuned for more photos from the event!     Read more about the projects and how they’ll support the SRP power system: https://lnkd.in/dcbCBdPJ

We are proud to announce the close of financing for the first major standalone battery storage project in ISO-NE. Plus Power has closed construction and term financing for our Cranberry Point Energy Storage facility in Carver, Massachusetts. It is also the first major financing of a utility-scale project that will benefit from Clean Peak Energy Certificates (CPECs) in Massachusetts. First Citizens Bank and NORD/LB acted as coordinating lead arrangers while Investec and Siemens Financial Services acted as joint lead arrangers. Investec is the administrative agent and U.S. Bank is the depositary bank. Sheppard Mullin Richter & Hampton LLP acted as transaction counsel for Plus Power and Winston & Strawn LLP acted as transaction counsel for the lenders. The $133 million financing includes a construction-to-term loan, bridge loan and letter of credit facility. The 150 MW / 300 MWh Cranberry Point Energy Storage facility was among the first few standalone batteries ever to clear the Forward Capacity Auction in 2021 with the Independent System Operator of New England, or ISO-NE, along with Plus Power’s 175 MW / 350 MWh Cross Town Energy Storage facility in Gorham, Maine. Cranberry Point and Cross Town are the largest battery energy storage projects in construction in the region with planned operations in New England and will be online during Summer 2025. Thank you to our finance partners for helping us to accelerate standalone battery energy storage deployment into new markets. Our capital partners continue to recognize the unique capabilities of standalone storage facilities and Plus Power's leadership in developing and operating them. #cleantechfinance #cleanenergy #bess https://lnkd.in/e2q2CNrx

Plus Power is proud to support the West Valley Housing Assistance Center! As we prepare to bring our #batterystorage projects in Maricopa County online, we are honored to meet organizations like A New Leaf that are providing essential services to the surrounding community. Thank you, A New Leaf, for everything you do to support families experiencing homelessness in the West Valley. #arizona

We are excited to announce the closing of an $82 million tax equity investment from Morgan Stanley for the 90 MW / 360 MWh Superstition Energy Storage facility in Gilbert, Arizona.     We have now raised a total of approximately $2 billion for five total facilities in Arizona and Texas since October 2023. These investments will enable Plus Power to bring the facilities online by summer 2024, helping stabilize electric grids in the Southwest during extreme weather while integrating more renewable energy.    “Plus Power welcomes Morgan Stanley’s support in accelerating standalone battery energy storage deployment in a market and location where our project can provide critical services,” said Josh Goldstein, chief financial officer at Plus Power. “Our capital partners continue to recognize the unique capabilities of standalone storage facilities and Plus Power’s leadership in developing and operating them. This investment is important to a project supporting a regional grid facing intense weather events and energy demand.”    The Superstition facility, located in Gilbert, Arizona, will come online in June 2024 along with a related facility, the 250 MW / 1000 MWh Sierra Estrella Energy Storage project in Avondale, Arizona. The systems will provide capacity and energy services to the Salt River Project electrical grid near Phoenix, supporting grid reliability and accelerating the integration of readily available, domestically produced renewable energy sources.    Read more: https://lnkd.in/euFA6W85 #batterystorage #energytransition  

Thank you Lieutenant Paul Rogers and the Energy Safety Response Group team for leading the way on battery storage safety. Safety and community engagement are paramount at Plus Power, and it's training classes like these that help build confidence in energy storage as a safe, fast, flexible asset in critical grid infrastructure. Thank you Firefighter Thomas Melucci and the MA Haz Mat District 1 TF for joining us yesterday. #batterystorage #cleanenergytransition

From critical grid infrastructure, enabling the next generation of #renewableenergy, to helping to keep the power on in ERCOT, Gambit Energy Storage and Plus Power's #bess fleet in Texas are proud to contribute.

Yesterday, we were honored to perform the Maile Lei Untying Ceremony with Hawaiian Electric for our Kapolei Energy Storage facility in West Oahu. Community engagement and safety are paramount to us at Plus Power, and we were grateful for the participation of many state and local officials and community stakeholders to help us celebrate. This 185 MW / 565 MWh facility, relying on 158 Tesla Megapack 2's, is the largest demonstration in the world of grid-forming services from a standalone battery storage facility. It is committed to provide 50 MW of Fast Frequency Response, virtual inertia, and blackstart services akin to a conventional power plant—but in 250 milliseconds and without emissions or need of water.  We are thrilled to work with Hawaiian Electric on this landmark facility that will help #Hawaii meet its goal of 100% renewable energy by 2045. This groundbreaking project is a postcard from the future: Batteries will soon be providing these services, at scale, on the mainland.  Representing approximately 17% of Oahu’s peak load, KES will be operated by Hawaiian Electric to help balance the island's power grid, enabling the continued growth of both rooftop solar and utility-scale renewable energy.  Left to right are Kahu Kordell Kekoa, Hawaii State Energy Office Chief Energy Officer Mark Glick, Hawaii Public Utilities Commission Chair Leo Asuncion, Tesla SVP Drew Baglino, Plus Power Executive Chairman and CEO Brandon J Keefe, Hawaiian Electric Company President and CEO Shelee Kimura, Plus Power Executive Vice Chairman and Chief Commercial Officer Robert Rudd, Campbell Properties President Steve Kelly, Plus Power Executive Vice Chairman and President Alex Fraenkel, and Plus Power Regional Director Project Development (West) Scott Schalich. Aloha! #batterystorage #cleanenergytransition

We are excited to announce the completion of approximately $98 million in tax equity investment for our 200 MW / 400 MWh Ebony Energy Storage facility in Comal County, Texas. The investment from Greenprint Capital, a market leader in structured, renewable energy tax credit partnerships, will 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 facility, which is located near San Antonio, Texas, began construction in March 2023 and will come online in spring 2024 ahead of anticipated record energy demand in ERCOT. The system will help ERCOT navigate extraordinarily high and rising peak demand in summers and winters, providing a combination of energy and ancillary services to help stabilize the grid.    "Plus Power is grateful for Greenprint's partnership in bringing Ebony online and expanding our portfolio in Texas," said Josh Goldstein, chief financial officer at Plus Power. "The latest in a series of unprecedented investments from top energy project finance banks and investors, Greenprint's support is indicative of Plus Power's leadership in the sector and the quality of our standalone storage projects."    "As the state and the country experience increasingly extreme temperatures, we are proud that our projects can provide grid services that will help ERCOT increase reliability and meet abnormally high demand," Goldstein added.    Read more: https://lnkd.in/gBFwtEzn    #batterystorage #energytransition