Plus Power has secured new financing to develop US standalone battery storage projects totalling 1040MW.
The company will use the US$1.8bn of capital to fund the construction and operations of five projects.
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 10GW of interconnection capacity now in transmission interconnection queues.
The finance US$707m financing for the 250MW Sierra Estrella Energy Storage facility (pictured) in Avondale, Arizona, west of Phoenix.
The 11-acre footprint of the Sierra Estrella project allows the project to be sited without attached generation, closer to load, Plus Power said.
The announced transactions are also supporting construction of 700MW of batteries on the ERCOT grid in Texas.
Three new Plus Power battery plants will begin operation by next summer to handle increased demand amid increasingly extreme temperatures and numerous days of scarce operating reserves on the power grid.
The financing commitments announced today cover five projects, supporting both construction and operations of the portfolio and include construction financing, term financing, letters of credit, and tax equity investments, in partnership with 11 leading industry lenders and investors.
Josh Goldstein, chief financial officer of Plus Power, said: “This capital will support the ongoing buildout of the largest and most diverse portfolio of standalone storage projects in the US.
“The scale highlights our first-mover advantage in bringing high-quality projects to market as well as the tremendous work by our fantastic team.
“We deeply value our financing partners who support the construction and operation of our wide portfolio across the US, enabling decarbonization and the transition to a more efficient grid.”