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, 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
pshaw@pluspower.com
+1-415-577-5763
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SOURCE Plus Power