Plus Power executes $1.8b financing for standalone battery storage
Transactions - NOVEMBER 6, 2023

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Plus Power executes $1.8b financing for standalone battery storage

by Kali Persall

Plus Power recently completed $1.8 billion in new financing for standalone battery storage, including the largest single project financing of its kind to date.

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

Plus Power, which develops, owns and operates standalone energy storage, will use the capital to fund the construction and operations of five projects with 1,040 megawatts of capacity. The financing package includes $707 million in financing for the 250-megawatt Sierra Estrella Energy Storage facility in Avondale, Ariz. — the largest for a standalone energy storage project. The transaction also is supporting the construction of 700 megawatts of batteries on the ERCOT grid in Texas. Three new Plus Power battery plants also will begin operation by next summer to handle increased

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