Plus Power secured $160mn in tax equity investments for its two major battery energy storage projects in New England. The investment is structured in two parts: $95mn for the Cranberry Point site in Massachusetts and $65mn for the Cross Town facility in Maine. These projects are currently the largest of their kind in the region’s standalone electricity storage sector.
Two flagship projects for the ISO-NE grid
The Cranberry Point plant, with a capacity of 150 megawatts (MW) and 300 megawatt-hours (MWh), is located in Carver, Massachusetts. It became operational in May 2025. The Cross Town site, in Gorham, Maine, will reach 175 MW and 350 MWh when it enters commercial operation, scheduled for late 2025. Once commissioned, it will become the largest battery infrastructure in the region.
Both projects will provide capacity and energy services to the Independent System Operator of New England (ISO-NE), which manages the power grid in the area. These storage systems will help balance intermittent resources, strengthen grid reliability and respond to increasing demand linked to conventional plant closures, artificial intelligence development and economic growth.
A financing structure combining debt and tax equity
Before the tax equity investment from Morgan Stanley, Plus Power had already raised over $290mn in debt for the two projects. The Cranberry Point financing was closed in 2024 with First Citizens Bank, Norddeutsche Landesbank (Nord LB), Investec Bank Plc and Siemens Financial Services. The Cross Town debt was secured with the same institutions, excluding First Citizens Bank. The financings include construction-to-term loans, tax equity bridge loans and letter of credit facilities.
Josh Goldstein, chief financial officer at Plus Power, stated that these investments “enabled the construction of two projects that will provide significant benefits to the New England grid and the customers it serves.”
