Plus Power Secures Tax Equity Investment from Morgan Stanley to Support Two Major Battery Energy Storage System Projects in New England
Plus Power has secured $160 million in tax equity financing from Morgan Stanley to support two independent battery energy storage system (BESS) projects in New England, with a combined capacity of 325 MW/650 MWh. The Cranberry Point facility in Massachusetts and the Cross Town facility in Maine are expected to begin commercial operations in May 2025 and late 2025, respectively, providing essential grid stability and flexibility as variable renewable energy sources grow, while also meeting the region's increasing power demands.
