#United States #Plus Power #Battery Storage #tax equity #Carver, Maine

Plus Power Secures Significant Tax Equity Investment

On November 5, 2025, Plus Power announced a groundbreaking development in the energy storage sector, securing a total of $160 million in tax equity investments with Morgan Stanley backing its major standalone battery energy storage projects in New England. This move represents a significant step forward in renewable energy initiatives, particularly benefiting the regions of Massachusetts and Maine.

The investment includes a substantial $95 million dedicated to the Cranberry Point Energy Storage project located in Carver, Massachusetts, and an additional $65 million for the Cross Town Energy Storage project in Gorham, Maine. With a capacity of 150 MW / 300 MWh, the Cranberry Point facility began operations in May 2025, while the Cross Town facility is set to become the region's largest battery with a capacity of 175 MW / 350 MWh, expected to commence commercial operations by late 2025.

In tandem with this investment announcement, Plus Power successfully closed debt financing for Cranberry Point in 2024 with contributions from financial institutions such as First Citizens Bank, Nord LB, Investec Bank, and Siemens Financial Services. Similarly, the financing for the Cross Town project was also secured through partnerships with Nord LB, Investec, and Siemens Financial Services. Collectively, Plus Power has amassed over $290 million in debt financing, encompassing different funding models including construction-to-term and tax equity bridge facilities.

Josh Goldstein, Plus Power's Chief Financial Officer, expressed pride in enhancing the company's collaborative relationship with Morgan Stanley, highlighting their understanding of the value standalone battery energy storage brings to national energy markets. He emphasized that these investments are crucial for the advancement of two transformative projects that will not only bolster the New England grid but also cater to the energy needs of the customers in the region.

The Cranberry Point and Cross Town installations will play pivotal roles by providing both capacity and energy services to the Independent System Operator of New England (ISO-NE). They are designed to help stabilize intermittent resources and strengthen grid reliability, especially crucial as conventional power plants are phased out to make room for more sustainable alternatives amidst growing demands due to economic development and the rise of electric power usage in sectors like AI and data centers.

Plus Power, headquartered near Houston, has made significant strides in the battery energy storage landscape throughout the United States. Their commitment lies in developing, owning, and managing standalone battery energy storage systems that serve various needs such as capacity, energy, and ancillary services, which facilitate the rapid integration of renewable energy generation.

The company boasts an impressive portfolio with over 11 GW of projects across more than 20 states, operating eight facilities in states like Arizona, Hawaii, Massachusetts, and Texas, with one more currently under construction in Maine. Operating at the intersection of energy, technology, and finance, Plus Power continues to drive innovation and efficiency in the energy sector.

For further details regarding the projects and Plus Power's initiatives, you can visit their website at www.pluspower.com.