Plus Power Battery Storage Project Wins Public Service Company of New Mexico Award

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Nov 25, 2024, 11:43 ET

The 150 MW / 600 MWh project will support grid reliability and economic development in New Mexico, while moving New Mexico toward its clean energy goals
Win represents Plus Power's 6^th announced market and 3^rd large tolling agreement

THE WOODLANDS, Texas, Nov. 25, 2024 /PRNewswire/ -- Today, Plus Power announced that its 150 MW / 600 MWh Corazon Energy Storage project was awarded a 20-year contract by Public Service Company of New Mexico (PNM), subject to regulatory approvals, in response to the utility's 2026-2028 Generation Resources Request for Proposals. The RFP was issued in 2022 and sought projects that will help serve growing energy demand in New Mexico as it transitions to zero-carbon energy by 2045. PNM filed with the New Mexico Public Regulation Commission for approval of the project on Nov. 22, 2024.

Corazon Energy Storage in Albuquerque, New Mexico.

If approved, Corazon Energy Storage, located in Albuquerque, will begin construction in 2026, with an anticipated commercial operation date in late 2027. The facility will enhance grid reliability by storing excess energy and injecting it back into the grid during peak hours in the evening, weather events, and unexpected demand. Plus Power and PNM signed a tolling agreement, by which Plus Power retains ownership of the facility while PNM can charge and dispatch energy according to its needs.

Corazon Energy Storage will help integrate New Mexico wind and solar energy. PNM, the largest utility in New Mexico, has identified battery energy storage as a key component in its plan to make its electric generation 100-percent carbon-free by 2040, five years ahead of the state's goal. Corazon will interconnect to the grid at Pajarito Substation, which is located centrally to PNM's system, to store and dispatch energy from renewable resources.

Corazon Energy Storage will also provide much-needed capacity to support PNM's customer load requirements.

"We are excited to support PNM customers' energy demand needs while it works to transition to clean, affordable energy. Our project will help to ensure the reliability and sustainability of New Mexico's electricity system," said Brandon Keefe, executive chairman and CEO of Plus Power. "We look forward to a long partnership with PNM and the surrounding community."

With Corazon Energy Storage, Plus Power is expanding its presence in the Southwest and entering its sixth state market. An industry-leading developer, owner, and operator of standalone battery energy storage assets, the company's portfolio includes 10 GW of projects in 28 states and Canada. It owns seven operating facilities located in Arizona, Texas, and Hawaii, and two facilities under construction in Maine and Massachusetts, that total 1,650 MW / 4,150 MWh.

Plus Power's 185 MW / 565 MWh Kapolei Energy Storage facility on Oahu, Hawaii is the most advanced grid-scale battery energy storage system in the world and is helping Hawaiian Electric replace the capacity of a retired coal power plant less than a mile away. Its 250 MW / 1,000 MWh Sierra Estrella Energy Storage facility, located in Avondale, AZ, is currently the largest standalone battery in Arizona and its Rodeo Ranch Energy Storage facility, sized up to 300 MW / 600 MWh, is the largest standalone battery in ERCOT.

About Plus Power

The Plus Power team is accelerating the deployment of transmission-connected battery energy storage throughout the United States. Plus Power develops, owns, and operates standalone battery energy storage systems that provide capacity, energy, and ancillary services, enabling the rapid integration of renewable generation resources. Headquartered near Houston, with offices in San Francisco, Chicago, and Miami, Plus Power operates at the nexus of energy, technology, and finance. For more information, visit www.pluspower.com.

Contact:
Polly Shaw
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+1-415-577-5763

SOURCE Plus Power