seeing green
Houston-based developer claims $98 million tax equity investment for Texas energy storage facility
The Woodlands-based Plus Power has collected an estimated $98 million tax equity investment for its 200-megawatt Ebony Energy Storage facility near San Antonio.
Plus Power says the investment from Solana Beach, California-based Greenprint Capital Management will help stabilize the Energy Reliability Council of Texas (ERCOT) power system “during dynamic summer demand and cold winter storms while helping to integrate more renewable energy into the grid.”
The storage facility, being built on 13 acres in Comal County, is scheduled to come online this spring.
Peter DeFazio, managing director of Greenprint, calls Plus Power “a first mover” among owner-operators of standalone battery energy storage facilities in the U.S. Plus Power owns a portfolio of large-scale lithium-ion battery systems in more than 25 states and Canada.
“As the state and the country experience increasingly extreme temperatures, we are proud that our projects can provide grid services that will help ERCOT increase reliability and meet abnormally high demand,” says Josh Goldstein, chief financial officer of Plus Power.
By this summer, Plus Power expects to be operating four storage plants in the ERCOT market with 800 megawatts of total capacity.
Plus Power announced in 2023 that it completed a $1.8 billion financing for Ebony and four other projects in Texas and Arizona. The financing included $196 million in construction and term financing for the Comal County project.