Plus Power has closed an $82 million tax equity investment from Morgan Stanley for the 90 megawatt/360-megawatt-hour Superstition Energy Storage facility in Gilbert, Ariz.
The Superstition facility will come online in June 2024 along with a related facility, the 250-megawatt/1,000-megawatt-hour Sierra Estrella Energy Storage project in Avondale, Ariz. 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.
Plus Power, which specializes in developing, owning and operating standalone energy storage, has raised approximately $2 billion for five facilities in Arizona and Texas since October 2023. These investments will enable the company to bring the facilities online by summer 2024, helping stabilize electric grids in the Southwest during extreme weather while integrating more renewable en
