Plus Power seeks project finance for Maine standalone storage project

Plus Power is in talks with potential lenders as it seeks to raise non-recourse debt to fund construction of its Cross Town Energy Storage Project in Maine, said two sources familiar with the matter.

The sponsor is exploring potential appetite for the project before deciding on details of the structure, such as final debt sizing, tenor, and pricing, and has yet to mandate a lead bank, sources understand.

The projects consists of a 175 MW / 350 MWh battery energy storage system (BESS), situated near an existing substation, on an industrial zoned parcel in the Gorham Industrial Park, that will provide energy and capacity services to the New England grid, according to the project’s website.

Cross Town was awarded a capacity supply obligation contract within ISO-New England (ISO-NE), according to regulatory documentation.

A spokesperson for Plus Power said that the company was actively pursuing project financing for its ISO-NE projects, declining to comment on further details.

In an October 2023 interview with Plus Power CFO Josh Goldstein discussed its financing plans beyond the five project portfolio it had recently financed in Texas and Arizona.

Separately, in December, NPM also reported that Plus Power has been looking at a potential capital raise, hiring Scotia Capital to advise on the process.

Headquartered in Houston, with offices in San Francisco, Chicago, and Miami, Plus Power develops, owns, and operates standalone battery energy storage systems that provide capacity, energy, and ancillary services.

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