Plus Power has secured an $82 million tax equity investment from Morgan Stanley for the 90 MW/360 MWh Superstition energy storage facility in Gilbert, Arizona.
While Plus Power has raised about $2 billion for five total facilities in Arizona and Texas, the investments will help the company to make the facilities accessible by summer 2024. This will further enable electric grid stabilization 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. "This investment is important to a project supporting a regional grid facing intense weather events and energy demand."
The Superstition facility and a related facility, the 250 MW / 1000 MWh Sierra Estrella energy storage project in Avondale, Arizona, will be operational in June 2024. 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.
"Morgan Stanley is pleased to partner with Plus Power... Facilities like Superstition are crucial to maintaining grid reliability while the country transitions to renewable energy," said Jorge Iragorri, Head of Renewable Energy Investments at Morgan Stanley.
Plus Power received nearly $100 million in tax equity investment from Greenprint Capital Management for its Ebony energy storage facility in February 2024. The 200 MW / 400 MWh system, based in Comal County, Texas, and the 200 MW / 400 MWh Anemoi energy storage facility in Hidalgo County are under construction and will be the company’s third and fourth operating facilities in ERCOT.
Plus Power is currently executing on 10 GW of battery storage capacity in transmission interconnection queues.
