Plus Power Raises $1.8B to Stabilize Grid with 5 Standalone Battery Storage Projects

Oct. 17, 2023
Major investors and financers include Deutsche Bank, Bank of America, U.S. Bank, Goldman Sachs, First Citizens Bank, and Siemens Financial Services

Plus Power has raised $1.8 billion from its latest round of financing to help fund five standalone battery storage projects totaling over 2,700 MWh to help stabilize the U.S. electrical grid.

The funding, provided by 11 industry lenders and investors, will support the construction and operations of the portfolio and include construction financing, term financing, letters of credit, and tax equity investments.

"Plus Power has raised an unparalleled amount of capital for standalone storage projects from a wide range of leading energy project finance banks and investors," said Josh Goldstein, Chief Financial Officer of Plus Power. "This capital will support the ongoing buildout of the portfolio of standalone storage projects in the U.S. The scale highlights our first-mover advantage in bringing high-quality projects to market."

The financings include:

$212.2 million in tax equity financing and $276 million in construction and term financing for the 600 MWh Rodeo Ranch Energy Storage Facility in Pecos, Texas.

$196 million in construction and term financing for a 400 MWh Ebony Energy Storage facility in Comal County, Texas.

$200 million in construction and term financing for a 400 MWh Anemoi Energy Storage facility in Hidalgo County on the Mexican border.

$202 million in tax equity and $505 million in construction, term loan, and letter of credit for a 1,000 MWh Sierra Estrella Energy Storage facility in Avondale, Arizona.

$196 million in construction, term loan, and letter of credit for a 360 MWh Superstition Energy Storage project in Gilbert, Arizona.

Major investors and financers include Deutsche Bank, Bank of America, U.S. Bank, Goldman Sachs, First Citizens Bank, and Siemens Financial Services.

"Plus Power is a market leader in the battery energy storage sector, and we are honored to have collaborated with them on these financings," said Jeremy Eisman, Managing Director and Head of Infrastructure & Energy Financing at Deutsche Bank. "We acknowledge the important role that battery storage plays in ensuring a clean and reliable electric grid and look forward to continuing to support the Plus Power team's continued growth in this sector."