Plus Power has secured $160 million in tax equity investments from Morgan Stanley for two standalone battery energy storage system (BESS) projects in New England. The financing includes $95 million for the 150 MW/300 MWh Cranberry Point energy storage facility in Carver, Massachusetts, and $65 million for the 175 MW/350 MWh Cross Town energy storage facility in Gorham, Maine. The Cranberry Point project began commercial operations in May 2025, while the Cross Town project is expected to commence operations late in the fourth quarter of 2025.
The Cranberry Point and Cross Town BESS projects will deliver capacity and energy services to the Independent System Operator of New England (ISO-NE). These facilities are intended to support grid reliability, balance intermittent renewable resources, and address growing power demand in the region amid conventional power plant retirements and expanding data centre operations.
In 2024, Plus Power closed debt financing for the Cranberry Point project with First Citizens Bank, Nord LB, Investec Bank, and Siemens Financial Services. In the same year, debt financing for the Cross Town project was arranged with Nord LB, Investec Bank, and Siemens Financial Services. Across both projects, the company has raised over $290 million in debt financing, which includes construction-to-term loans, tax equity bridge, and letter of credit facilities.
