Major Investment in Battery Energy Storage
First Citizens Bank’s Energy Finance business has successfully coordinated $133 million in financing for the Cranberry Point Energy Storage project in Carver, Massachusetts. This significant investment will fund a 150 MW / 300 MWh battery energy storage facility developed by Plus Power, with completion targeted for the second quarter of 2025.
Enhancing Grid Stability and Clean Energy Integration
The Cranberry Point project will occupy approximately six acres of land and will connect to critical transmission infrastructure in New England. This project represents the region’s first major utility-scale standalone battery storage facility under construction. Josh Goldstein, Chief Financial Officer at Plus Power, emphasized the project’s importance: “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.”
Mike Lorusso, head of First Citizens Bank’s Energy Finance business, added, “The Cranberry Point Energy Storage facility is poised to improve grid stability and reliability while ensuring the efficient use of clean power in the region. 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 Bank’s Commitment to Energy Financing
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 diverse portfolio, including investments in various asset classes across the energy sector.
First Citizens Bank, headquartered in Raleigh, N.C., helps personal, business, commercial, and wealth clients build lasting financial strength. The bank provides a wide array of general banking services, with over 500 branches and offices in 30 states. First Citizens BancShares, Inc. (NASDAQ: FCNCA), the bank’s parent company, is a top 20 U.S. financial institution with over $200 billion in assets and is a member of the Fortune 500™.
Advancing the Future of Energy Storage
The Cranberry Point project showcases the growing importance of energy storage in the broader energy market trends. Battery energy storage systems like this one play a crucial role in stabilizing power grids and enhancing the integration of renewable energy sources. As the solar energy market and energy storage sectors continue to expand, investments like this are essential for advancing green energy policies and promoting sustainable energy developments.
By investing in innovative solar technology and energy storage solutions, First Citizens Bank and Plus Power are contributing to a more stable and clean energy future. This project not only addresses immediate power reliability concerns but also aligns with long-term goals for renewable energy investment and the reduction of carbon emissions. As energy market trends evolve, projects like Cranberry Point will set new standards for efficiency and sustainability in energy storage.
Source：apnews.com
