RALEIGH,
N.C., Oct. 17, 2023 /PRNewswire/ -- First
Citizens Bank today announced that its Energy Finance business has
served as coordinating lead arranger on three battery storage
project financings for Plus Power, collectively representing
$672 million in financing and 700
megawatts (MW) of energy storage capacity.
The projects, all supporting the ERCOT grid in Texas, consist of:
- Rodeo Ranch Battery Storage, a 300MW / 600MWh facility located
in Reeves County, which received
$276 million in construction and term
financing.
- Ebony Energy Storage, a 200 MW / 400 MWh facility located
in Comal County, northeast of
San Antonio, which received
$196 million in construction and term
financing.
- Anemoi Energy Storage, a 200 MW / 400 MWh facility located in
Hidalgo County, on the Mexican
border northwest of Matamoros,
which received $200 million in
construction and term financing.
Plus Power is a leader in developing, owning and operating
energy storage systems. Its portfolio of large-scale lithium-ion
battery systems includes 25+ U.S. 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, Chief Financial
Officer of Plus Power. "We appreciated the expertise and support of
First Citizens Bank as we pursue the construction and operation of
our extensive project portfolio across North America, which will enable
decarbonization and the transition to a more efficient grid."
"As a leader in battery energy storage financing, First Citizens
Bank was pleased to support Plus Power in arranging financing for
these three significant projects," said Mike Lorusso, managing director of First
Citizens Bank's Energy group.
"Energy storage continues to prove its value as a source of grid
stability and flexibility as renewable power takes an ever-greater
role in meeting the nation's energy needs. Plus Power is a leading
developer in this field and we look forward to working closely with
them on future projects," he added.
First Citizens Energy Finance leverages its deep industry
knowledge and expertise to offer comprehensive financing solutions
for renewable and conventional power generation. The unit manages a
large, diverse portfolio that includes investments in all asset
classes across the energy sector.
About Plus Power
The Plus Power team, led by seasoned
executives from the renewables and energy storage industry, is
accelerating the deployment of transmission-connected battery
energy storage throughout the United
States. Plus Power develops, owns, and operates standalone
battery energy storage systems that foster grid flexibility by
providing capacity, energy and ancillary services that enable rapid
integration of renewable generation resources. Standalone energy
storage, guided by Plus Power's data-driven proprietary algorithms,
can be optimally sited to address grid congestion and wholesale
market volatility. Headquartered in Houston, with offices in in San Francisco, Chicago, and Miami, Plus Power operates at the nexus of
energy, technology and finance. For more information, visit
www.pluspower.com.
About First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th
anniversary of its founding, First Citizens has built a unique
legacy of strength, stability and long-term thinking that has
spanned generations. First Citizens offers an array of general
banking services including a network of more than 500 branches and
offices in 30 states; commercial banking expertise delivering
best-in-class lending, leasing and other financial services coast
to coast; innovation banking serving businesses at every stage; and
a nationwide direct bank. Parent company First Citizens BancShares,
Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with
more than $200 billion in assets.
Discover more at firstcitizens.com.
MEDIA RELATIONS:
John M.
Moran
212-461-5507
john.moran2@firstcitizens.com
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SOURCE First Citizens Bank