Plus Power Secures $100 Million Tax Equity Financing for Merchant Battery Storage Project in ERCOT

Plus Power announced the completion of approximately $98 million in tax equity investment for its 200 MW / 400 MWh Ebony Energy Storage facility in Comal County, Texas. The investment from Greenprint Capital Management, a market leader in structured, renewable energy tax credit partnerships, will help the project stabilize ERCOT's power system during dynamic summer demand and cold winter storms while helping to integrate more renewable energy into the grid.

The Ebony Energy Storage facility near San Antonio, Texas is currently under construction and will come online in spring 2024.

The Ebony Energy Storage facility near San Antonio, Texas is currently under construction and will come online in spring 2024.

"Plus Power is a first mover among owner/operators of standalone battery energy storage facilities from coast to coast," said Peter DeFazio, managing director of Greenprint. "We are proud to support one of the company's several near-term assets, which are helping economies across America to decarbonize their energy and improve reliability. We look forward to a long-term partnership."

The Ebony facility, which is located near San Antonio, Texas, began construction in March 2023and will come online in spring 2024 ahead of anticipated record energy demand in ERCOT.  The approximately 13-acre facility relies on 176 Sungrow battery containers. The system will help ERCOT navigate extraordinarily high and rising peak demand in summers and winters, providing a combination of energy and ancillary services to help stabilize the grid.

"Plus Power is grateful for Greenpoint's partnership in bringing Ebony online and expanding our portfolio in Texas," said Josh Goldstein, chief financial officer at Plus Power. "The latest in a series of unprecedented investments from top energy project finance banks and investors, Greenpoint's support is indicative of Plus Power's leadership in the sector and the quality of our standalone storage projects."  

"As the state and the country experience increasingly extreme temperatures, we are proud that our projects can provide grid services that will help ERCOT increase reliability and meet abnormally high demand," Goldstein added.

Plus Power, which leads the sector for developing, owning, and operating standalone energy storage, announced in 2023 that it completed a $1.8 billion financing for Ebony and four other projects in Arizona and Texas.  This includes over $400 million in tax equity financing and $700 million for a single standalone project, the largest to date.

By summer 2024, Plus Power will have four operating storage plants in the ERCOT market, totaling 800 MW/ 1575 MWh. Plus Power currently operates the 100 MW Gambit Energy Storage facility in Angleton, Texas, and the 300 MW / 600 MWh Rodeo Ranch Energy Storage facility in Pecos, Texas. The Rodeo Ranch facility is the largest operating standalone battery storage facility in ERCOT.

Gambit provided energy and ancillary grid services to help grid operators stabilize the power system and avert a blackout during heat waves in summer 2023. Both Gambit and Rodeo Ranch played a similarly crucial role during Winter Storm Gerri in January.

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

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