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Direct Investment  + CLOs  |  October 20, 2023
First Citizens Arranges $672M Financing for Battery Storage Projects
Joe Palmisano
By: Joe Palmisano

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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Plus PowerFirst Citizens Bank

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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