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    1. Energy Storage

    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
    65d37f7cc02b6e001e50714d Plus Power

    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.

    About the Author

    EnergyTech Staff

    Rod Walton is senior editor for EnergyTech.com. He has spent 14 years covering the energy industry as a newspaper and trade journalist.

    Walton formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.

    He can be reached at [email protected]. 

    EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids.

    Many large-scale energy users such as Fortune 500 companies, and mission-critical users such as military bases, universities, healthcare facilities, public safety and data centers, shifting their energy priorities to reach net-zero carbon goals within the coming decades. These include plans for renewable energy power purchase agreements, but also on-site resiliency projects such as microgrids, combined heat and power, rooftop solar, energy storage, digitalization and building efficiency upgrades.