US-based BESS developer Plus Power has announced that it has secured a USD 160 million tax equity investments from Morgan Stanley for two standalone battery energy storage projects in New England region of US.
This includes a USD 95 million investment in Cranberry Point Energy Storage in Massachusetts, and a USD 65 million investment in Cross Town Energy Storage in Maine, the company said in a statement.
The 150 MW/300 MWh Cranberry Point facility, located in Carver, Massachusetts, came online in May 2025. At 175 MW/350 MWh, the Cross Town facility in Gorham, Maine will be the largest battery in the region when it begins commercial operations in late Q4 2025, stated the company.
In addition to this new tax equity announcement, Plus Power closed the debt financing for Cranberry Point in 2024 with First Citizens Bank, Nord LB, Investec Bank, Plc, and Siemens Financial Services. Also in 2024, Plus Power closed the debt financing for Cross Town with Nord LB, Investec, and Siemens Financial Services. Across the two projects, Plus Power has raised over USD 290 million in debt financing, including construction-to-term, tax equity bridge, and letter of credit facilities.
Josh Goldstein, Chief Financial Officer at Plus Power, said, “Plus Power is proud to strengthen our relationship with Morgan Stanley, who recognises the value of standalone battery energy storage to our nation’s energy markets as well as our company’s reputation for quality, safety, and innovation. These investments enabled the construction of two projects that will provide significant benefits to the New England grid and the customers it serves.”
Cranberry Point and Cross Town will provide capacity and energy services to the Independent System Operator of New England, or ISO-NE, helping balance intermittent resources, strengthen grid reliability, and meet demand amid conventional power plant retirements, AI and data center deployment, and economic growth.
Source: energetica-india.net
