We are excited to announce the closing of an $82 million tax equity investment from Morgan Stanley for the 90 MW / 360 MWh Superstition Energy Storage facility in Gilbert, Arizona. We have now raised a total of approximately $2 billion for five total facilities in Arizona and Texas since October 2023. These investments will enable Plus Power to bring the facilities online by summer 2024, helping stabilize electric grids in the Southwest during extreme weather while integrating more renewable energy. “Plus Power welcomes Morgan Stanley’s support in accelerating standalone battery energy storage deployment in a market and location where our project can provide critical services,” said Josh Goldstein, chief financial officer at Plus Power. “Our capital partners continue to recognize the unique capabilities of standalone storage facilities and Plus Power’s leadership in developing and operating them. This investment is important to a project supporting a regional grid facing intense weather events and energy demand.” The Superstition facility, located in Gilbert, Arizona, will come online in June 2024 along with a related facility, the 250 MW / 1000 MWh Sierra Estrella Energy Storage project in Avondale, Arizona. The systems will provide capacity and energy services to the Salt River Project electrical grid near Phoenix, supporting grid reliability and accelerating the integration of readily available, domestically produced renewable energy sources. Read more: https://lnkd.in/euFA6W85 #batterystorage #energytransition
Congrats to the Plus Power team and all involved in this transaction!
Fantastic News Plus Power & Morgan Stanley Great collaboration to help create a more sustainable future
Well done! Excited to see the continued growth
Congrats to everyone on the Plus Power team!
Congrats to the team!
Impressive growth!.
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2moThis is tremendous news, Plus Power! Securing an $82 million tax equity investment from Morgan Stanley for the Superstition Energy Storage facility is a significant step forward in enhancing grid stability and integrating renewable energy in the Southwest. The expansion of your energy storage capabilities across Arizona and Texas is crucial, especially considering the intense weather events and rising energy demands in the region. Your focus on deploying standalone battery energy storage not only addresses immediate grid challenges but also sets a strong foundation for future renewable integration. The upcoming Superstition and Sierra Estrella Energy Storage projects are poised to make a substantial impact on the Salt River Project electrical grid’s reliability and efficiency. Congratulations on this strategic achievement and your continued leadership in energy storage solutions!