First Citizens Bank Coordinates $672 Million in Financings for Plus Power on Three Battery Storage Projects

RALEIGH, N.C., Oct. 17, 2023 /PRNewswire/ -- First Citizens Bank today announced that its Energy Finance business has served as coordinating lead arranger on three battery storage project financings for Plus Power, collectively representing $672 million in financing and 700 megawatts (MW) of energy storage capacity.

The projects, all supporting the ERCOT grid in Texas, consist of:

• Rodeo Ranch Battery Storage, a 300MW / 600MWh facility located in Reeves County, which received $276 million in construction and term financing.
• Ebony Energy Storage, a 200 MW / 400 MWh facility located in Comal County, northeast of San Antonio, which received $196 million in construction and term financing.
• Anemoi Energy Storage, a 200 MW / 400 MWh facility located in Hidalgo County, on the Mexican border northwest of Matamoros, which received $200 million in construction and term financing.

Plus Power is a leader in developing, owning and operating energy storage systems. Its portfolio of large-scale lithium-ion battery systems includes 25+ U.S. states and Canadian provinces. The firm is currently executing on 10 gigawatts of additional interconnection capacity.

"Plus Power is dedicated to advancing standalone battery storage as a critical technology to help stabilize the U.S. electrical grid as well as incorporate more solar and wind energy," said Josh Goldstein, Chief Financial Officer of Plus Power. "We appreciated the expertise and support of First Citizens Bank as we pursue the construction and operation of our extensive project portfolio across North America, which will enable decarbonization and the transition to a more efficient grid."

"As a leader in battery energy storage financing, First Citizens Bank was pleased to support Plus Power in arranging financing for these three significant projects," said Mike Lorusso, managing director of First Citizens Bank's Energy group.

"Energy storage continues to prove its value as a source of grid stability and flexibility as renewable power takes an ever-greater role in meeting the nation's energy needs. Plus Power is a leading developer in this field and we look forward to working closely with them on future projects," he added.

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 Plus Power
The Plus Power team, led by seasoned executives from the renewables and energy storage industry, is accelerating the deployment of transmission-connected battery energy storage throughout the United States. Plus Power develops, owns, and operates standalone battery energy storage systems that foster grid flexibility by providing capacity, energy and ancillary services that enable rapid integration of renewable generation resources. Standalone energy storage, guided by Plus Power's data-driven proprietary algorithms, can be optimally sited to address grid congestion and wholesale market volatility. Headquartered in Houston, with offices in in San Francisco, Chicago, and Miami, Plus Power operates at the nexus of energy, technology and finance. For more information, visit www.pluspower.com.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, 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. Discover more at firstcitizens.com.

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John M. Moran
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SOURCE First Citizens Bank