NEW
YORK, June 13, 2024 /PRNewswire/ -- First
Citizens Bank today announced that its Energy Finance business
served as coordinating lead arranger on $133
million of financing for the new Cranberry Point Energy
Storage project planned for Carver,
Massachusetts.
Cranberry Point is a 150 MW / 300 MWh battery energy storage
project developed by Plus Power with a targeted completion in the
second quarter of 2025. Located on roughly 6 acres of land in
Carver, Massachusetts, the project
will interconnect near critical transmission infrastructure and
represents the first major utility-scale standalone battery storage
facility in construction on the New England grid.
"Our Cranberry Point project is another breakthrough for battery
energy storage, which continues to prove its value in improving
power reliability and integrating more clean electricity
nationwide," said Josh Goldstein,
chief financial officer at Plus Power. "We highly value the
industry knowledge and expertise of the First Citizens team in
arranging this financing."
"The Cranberry Point Energy Storage facility is poised to
improve grid stability and reliability while also ensuring the
efficient use of clean power in the region," said Mike Lorusso, who leads First Citizens Bank's
Energy Finance business. "We were pleased to serve as coordinating
lead arranger for this important battery storage project on behalf
of Plus Power, which continues to build its reputation as a leader
in the battery storage sector."
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 First Citizens Bank
First Citizens Bank helps
personal, business, commercial and wealth clients build financial
strength that lasts. Headquartered in Raleigh, N.C., 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 and
a member of the Fortune 500™. 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
