Plus Power closes $219 million facilities for energy storage project

By Marisa Wong

Los Angeles, Nov. 10 – Plus Power announced it closed a landmark credit facility for its 185 megawatt/565 megawatt hour Kapolei energy storage project in Hawaii.

The project financing, includes $188 million of non-recourse construction debt and $31 million of letters of credit for a total commitment of $219 million.

Mizuho Securities USA LLC and KeyBank led the financing and were joined by Silicon Valley Bank and CoBank.

The Kapolei energy storage project is located on the island of Oahu and is the largest energy storage project selected by Hawaiian Electric. It will provide capacity and shifting of low-cost renewable energy to periods of high demand and deliver fast-frequency response services, as well as virtual inertia and blackstart capabilities to the Hawaiian Electric companies. In so doing, it will support the closing of Hawaii’s coal plant, reduce curtailment of renewable generation and enable the procurement and integration of new renewable resources aligned with the state’s transition to 100% renewable energy generation.

Plus Power is a San Francisco-based developer of transmission-connected battery energy storage projects.

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