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First Citizens Bank Arranges $133MM Financing for Massachusetts Battery Energy Storage Project

June 17, 2024, 07:00 AM
Filed Under: Battery Storage

First Citizens Bank's 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.

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