Plus Power Completes $98M Tax Equity Financing for 200 MW Energy Storage Facility in Texas

Feb. 19, 2024
The investment will help the project stabilize ERCOT's power system during dynamic summer demand and winter storms and integrate more renewable energy into the grid

Plus Power has secured an investment of approximately $98 million in tax equity from Greenprint Capital Management for its 200 MW / 400 MWh Ebony energy storage facility in Comal County, Texas.

The investment will help the project to stabilize ERCOT's power system during dynamic summer demand and winter storms and integrate more renewable energy into the grid.

The 13-acre facility near San Antonio initiated construction in March 2023 and will be operational in Spring 2024 ahead of anticipated record energy demand in ERCOT. The energy storage facility is dependent on 176 Sungrow battery containers.

Plus Power has completed a $1.8 billion financing for Ebony and four other projects in Arizona and Texas, including over $400 million in tax equity financing and $700 million for a single standalone project. The company will have four operating storage plants in the ERCOT market, totaling 800MW/ 1,575MWh by Summer 2024.

Currently, Plus Power operates the 100 MW Gambit energy storage facility in Angleton, Texas, and the 300MW/ 600MWh Rodeo Ranch energy storage facility in Pecos, Texas. The company is executing 10 GW of interconnection capacity in transmission interconnection queues.