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First Citizens Arranges $672M Financing for Battery Storage Projects

First Citizens Arranges $672M Financing for Battery Storage Projects

First Citizens Bank’s energy finance business served as the coordinating lead arranger on three battery storage project financings for Plus Power, representing $672 million in financing and 700MW of energy storage capacity.

The projects support the ERCOT grid in Texas. The construction and term financing include $276 million for Rodeo Ranch Battery Storage, a 300MW/600MWh facility located in Reeves County; $196 million for Ebony Energy Storage, a 200 MW/400 MWh facility located in Comal County; and $200 million for Anemoi Energy Storage, a 200 MW/400 MWh facility located in Hidalgo County.

The company’s portfolio includes large-scale lithium-ion battery systems across more than 25 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, CFO of Plus Power.

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Inside The Story

Plus PowerFirst Citizens Bank

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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