Plus Power Secures Additional $82 Million of Tax Equity for Battery Storage Projects

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May 01, 2024, 09:30 ET

Morgan Stanley invests in 90 MW / 360 MWh Superstition Energy Storage project in Arizona, bringing total funding for Plus Power's newest Arizona and Texas projects to approximately $2 billion and allowing the company to support Southwest power grids ahead of expected record summer demand

THE WOODLANDS, Texas, May 1, 2024 /PRNewswire/ -- Today, Plus Power^™ announced the closing of an $82 million tax equity investment from Morgan Stanley for the 90 MW / 360 MWh Superstition Energy Storage facility in Gilbert, Arizona.

Plus Power's Superstition Energy Storage facility in Gilbert, Arizona

Plus Power, which leads the sector for developing, owning, and operating standalone energy storage, has raised a total of approximately $2 billion for five total facilities in Arizona and Texas since October 2023. These investments will enable Plus Power to bring the facilities online by summer 2024, helping stabilize electric grids 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. "Our capital partners continue to recognize the unique capabilities of standalone storage facilities and Plus Power's leadership in developing and operating them. This investment is important to a project supporting a regional grid facing intense weather events and energy demand."

The Superstition facility, located in Gilbert, Arizona, will come online in June 2024 along with a related facility, the 250 MW / 1000 MWh Sierra Estrella Energy Storage project in Avondale, Arizona. 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, a leading energy storage developer and operator," said Jorge Iragorri, head of renewable energy investments at Morgan Stanley. "Facilities like Superstition are crucial to maintaining grid reliability while the country transitions to renewable energy. We are pleased to support another project in Plus Power's growing portfolio."

Plus Power previously raised 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 in late-stage construction and will be Plus Power's third and fourth operating facilities in ERCOT. Plus Power also owns and operates the 100 MW / 175 MWh Gambit Energy Storage facility south of Houston, which was the highest revenue-producing storage asset in ERCOT in 2023. In late December 2023, Plus Power began operations at its second Texas facility, the 300 MW / 600 MWh Rodeo Ranch Energy Storage facility, which is currently the largest operating standalone battery storage facility in ERCOT.

Plus Power has a rapidly growing portfolio of large-scale lithium-ion battery systems in more than 25 states and Canada and is currently executing on 10 gigawatts of battery storage capacity in transmission interconnection queues.

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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SOURCE Plus Power