Plus Power Secures $160 Million in Tax Equity Investments for its Landmark ISO-NE Battery Storage Projects

The facilities are the two largest in the region

THE WOODLANDS, Texas, Nov. 5, 2025 /PRNewswire/ -- Today, Plus Power™ announced tax equity investments from Morgan Stanley for the largest standalone battery energy storage projects in New England: a $95 million investment in Cranberry Point Energy Storage in Massachusetts, and a $65 million investment in Cross Town Energy Storage in Maine.

The 150 MW / 300 MWh Cranberry Point facility, located in Carver, Massachusetts, came online in May 2025. At 175 MW / 350 MWh, the Cross Town facility in Gorham, Maine will be the largest battery in the region when it begins commercial operations in late Q4 2025.

In addition to this new tax equity announcement, Plus Power closed the debt financing for Cranberry Point in 2024 with First Citizens Bank, Nord LB, Investec Bank, Plc ("Investec"), and Siemens Financial Services. Also in 2024, Plus Power closed the debt financing for Cross Town with Nord LB, Investec, and Siemens Financial Services. Across the two projects, Plus Power has raised over $290 million in debt financing, including construction-to-term, tax equity bridge, and letter of credit facilities.

"Plus Power is proud to strengthen our relationship with Morgan Stanley, who recognizes the value of standalone battery energy storage to our nation's energy markets as well as our company's reputation for quality, safety, and innovation," said Josh Goldstein, chief financial officer at Plus Power. "These investments enabled the construction of two projects that will provide significant benefits to the New England grid and the customers it serves."

Cranberry Point and Cross Town will provide capacity and energy services to the Independent System Operator of New England, or ISO-NE, helping balance intermittent resources, strengthen grid reliability, and meet demand amid conventional power plant retirements, AI and data center deployment, and economic growth.

About Plus Power

The Plus Power team 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 provide capacity, energy, and ancillary services, enabling the rapid integration of renewable generation resources.

The company's portfolio includes 11 GW of projects in more than 20 states. It owns eight operating facilities located in Arizona, Hawaii, Massachusetts, Texas, and one facility under construction in Maine, that total 1,650 MW / 4,150 MWh. Headquartered near Houston, with offices in San Francisco, Chicago, and Miami, Plus Power operates at the nexus of energy, technology, and finance.

For more information, visit www.pluspower.com.

Contact:
Polly Shaw
[email protected]
+1-415-577-5763

SOURCE Plus Power