Plus Power, a leading player in standalone battery energy storage, has secured nearly $98 million in tax equity financing for its latest project, the Ebony Energy Storage facility in Comal County, Texas. This investment, announced today, comes from Greenprint Capital Management, underscoring the company’s commitment to renewable energy initiatives.
The Ebony Energy Storage facility, boasting a capacity of 200 MW / 400 MWh, is strategically located near San Antonio and is set to address the energy demands of ERCOT, particularly during peak seasons and extreme weather events. With construction initiated in March 2023, the facility is slated to commence operations in spring 2024, aligning with ERCOT’s anticipated surge in energy demand.
Greenprint Capital Management, expressing pride in its partnership with Plus Power, emphasized the importance of such projects in fostering decarbonization efforts and enhancing energy reliability across the nation. Peter DeFazio, managing director of Greenprint, hailed Plus Power as a trailblazer in the sector, setting the stage for long-term collaboration.
“Plus Power is a first mover among owner/operators of standalone battery energy storage facilities from coast to coast,” said DeFazio. “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.”
Josh Goldstein, Chief Financial Officer at Plus Power, echoed similar sentiments, commenting, “Plus Power is grateful for Greenprint’s partnership in bringing Ebony online and expanding our portfolio in Texas. The latest in a series of unprecedented investments from top energy project finance banks and investors, Greenprint’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’s track record in the energy storage sector is notable, with a recent financing completion of $1.8 billion for multiple projects, including Ebony. By summer 2024, the company anticipates operating four storage plants in the ERCOT market, boasting a cumulative capacity of 800 MW / 1575 MWh. Notably, the Rodeo Ranch Energy Storage facility stands as the largest standalone battery storage facility in ERCOT, showcasing Plus Power’s dedication to grid stability.
Previous endeavors by Plus Power, such as the Gambit Energy Storage facility in Angleton and the Rodeo Ranch facility in Pecos, have played crucial roles in stabilizing the power system during adverse weather conditions. Looking ahead, Plus Power remains committed to expanding its portfolio and contributing to the resilience of energy grids across North America, with significant projects in various stages of execution.
