Plus Power, a developer and operator of standalone battery-energy storage systems in the United States, has closed a landmark credit facility with Hawaiian Electric for its 185-megawatt Kapolei Energy Storage (KES) project in Hawaii.
The project financing includes $188 million in nonrecourse construction debt and $31 million in letters of credit, for a total commitment of $219 million.
The KES project is located in Kapolei on the island of Oahu, and it is the largest energy storage project selected by Hawaiian Electric. It will provide capacity and renewable energy to periods of high demand and deliver 50 megawatts of fast-frequency response services. In so doing, it will support the closing of Hawaii’s coal plant, reduce curtailment of renewable generation, and enable the procurement and integration of new renewable resources in line with the state’s transition to 100 percent renewable energy generation.
Plus Power has a pipeline of more than 7 gigawatts of
