First Citizens Bank Coordinates $672MM in Financings for Plus Power

October 18, 2023, 07:17 AM

Filed Under: Energy

Related: Energy Finance, First Citizens Bank, Mike Lorusso

First Citizens Bank announced its Energy Finance business has served as coordinating lead arranger on three battery storage project financings for Plus Power, collectively representing $672 million in financing and 700 megawatts (MW) of energy storage capacity.

The projects, all supporting the ERCOT grid in Texas, consist of:

Rodeo Ranch Battery Storage, a 300MW / 600MWh facility located in Reeves County, which received $276 million in construction and term financing.
Ebony Energy Storage, a 200 MW / 400 MWh facility located in Comal County, northeast of San Antonio, which received $196 million in construction and term financing.
Anemoi Energy Storage, a 200 MW / 400 MWh facility located in Hidalgo County, on the Mexican border northwest of Matamoros, which received $200 million in construction and term financing.

Plus Power develops, owns and operates energy storage systems. Its portfolio of large-scale lithium-ion battery systems includes over 25 U.S. states and Canadian provinces. The firm is currently executing on 10 gigawatts of additional interconnection capacity.

“Plus Power is dedicated to advancing standalone battery storage as a critical technology to help stabilize the U.S. electrical grid as well as incorporate more solar and wind energy,” said Josh Goldstein, Chief Financial Officer of Plus Power. “We appreciated the expertise and support of First Citizens Bank as we pursue the construction and operation of our extensive project portfolio across North America, which will enable decarbonization and the transition to a more efficient grid.”

“As a leader in battery energy storage financing, First Citizens Bank was pleased to support Plus Power in arranging financing for these three significant projects,” said Mike Lorusso, Managing Director of First Citizens Bank’s Energy group.

“Energy storage continues to prove its value as a source of grid stability and flexibility as renewable power takes an ever-greater role in meeting the nation’s energy needs. Plus Power is a leading developer in this field, and we look forward to working closely with them on future projects,” he added.