Plus Power has just announced $1.8bn in debt and tax equity financing to construct their battery storage pipeline in the US. The financing was carried out in partnership with 11 leading industry lenders and investors, including Deutsche Bank, Société Générale, and Foss & Company. Sharing notable highlights from Enerdatics:
Use of Proceeds: The capital is being raised for the construction and operation of five battery storage projects: Rodeo Ranch, Sierra Estrella, Ebony, Anemoi, and Superstition. The projects have a combined capacity of 1040 MW/2760 MWh and are located across the states of Texas and Arizona.
Projects are sited as stand-alone: The assets are located close to regions with high intermittency and will serve to stabilize the region's grid through services such as regulation up and down, contingency reserve, and frequency response.
Largest BESS financing in the US this year: The transaction overtakes Peregrine Energy Solutions’ $700mn credit facility announced in August 2023 for the construction of 495 MW BESS portfolio in Texas.
Financings in the space on track to double this year: We observe that financing for battery storage assets in the country this year is close to doubling last year's numbers. These financings are driven by heightened investor interest in the space, thanks to high revenue potential, with PE-backed firms leading the line.
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The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.