Plus Power has secured $133 million financing for the 150 MW / 300 MWh Cranberry Point facility in Carver, Massachusetts. It is a utility-scale standalone battery storage system in construction on the New England grid. The financing includes a construction-to-term loan, bridge loan, and letter of credit facility.
The facility was among the first few standalone batteries ever to clear the Forward Capacity Auction in 2021 with the Independent System Operator of New England, or ISO-NE. Cranberry Point committed to supply capacity to the ISO-NE market through 2031. Additionally, the project will also benefit from Clean Peak Energy Certificates in Massachusetts.
Furthermore, First Citizens Bank and Nord LB served as coordinating lead arrangers while Investec and Siemens Financial Services acted as joint lead arrangers. Sheppard Mullin served as transaction counsel for Plus Power and Winston & Strawn for the lenders.
