First Citizens Bank Serves as Lead Arranger on $133 Million for Massachusetts Battery Energy Storage Project

Rhea-AI Summary

First Citizens Bank announced that it served as the coordinating lead arranger for $133 million in financing for the Cranberry Point Energy Storage project in Carver, Massachusetts. The project, developed by Plus Power, is a 150 MW / 300 MWh battery energy storage facility slated for completion by Q2 2025. This marks the first major utility-scale standalone battery storage in New England. The facility aims to bolster grid stability and integrate clean power. First Citizens Bank's Energy Finance division brings extensive industry knowledge to the project, showcasing its capacity to handle diverse investments in the energy sector.

Positive

• Secured $133 million financing for the Cranberry Point Energy Storage project.
• 150 MW / 300 MWh capacity, marking the first major standalone battery storage in New England.
• Target completion by Q2 2025, enhancing future grid stability and clean energy integration.
• Highlights First Citizens Bank's industry expertise in energy financing.
• Expands Plus Power's reputation in the battery storage sector.

Negative

• No immediate financial benefits for shareholders until project completion in 2025.
• Potential risks related to construction delays and budget overruns.

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NEW YORK, June 13, 2024 /PRNewswire/ -- First Citizens Bank today announced that its Energy Finance business served as coordinating lead arranger on $133 million of financing for the new Cranberry Point Energy Storage project planned for Carver, Massachusetts.

Cranberry Point is a 150 MW / 300 MWh battery energy storage project developed by Plus Power with a targeted completion in the second quarter of 2025. Located on roughly 6 acres of land in Carver, Massachusetts, the project will interconnect near critical transmission infrastructure and represents the first major utility-scale standalone battery storage facility in construction on the New England grid.

"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," said Josh Goldstein, chief financial officer at Plus Power. "We highly value the industry knowledge and expertise of the First Citizens team in arranging this financing."

"The Cranberry Point Energy Storage facility is poised to improve grid stability and reliability while also ensuring the efficient use of clean power in the region," said Mike Lorusso, who leads First Citizens Bank's Energy Finance business. "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 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 First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., 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 and a member of the Fortune 500™. Discover more at firstcitizens.com.

MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran2@firstcitizens.com

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SOURCE First Citizens Bank

FAQ

What is the Cranberry Point Energy Storage project?

The Cranberry Point Energy Storage project is a 150 MW / 300 MWh battery energy storage facility in Carver, Massachusetts, developed by Plus Power.

When is the Cranberry Point Energy Storage project expected to be completed?

The Cranberry Point Energy Storage project is expected to be completed in the second quarter of 2025.

What role did First Citizens Bank play in the Cranberry Point project?

First Citizens Bank served as the coordinating lead arranger for $133 million in financing for the Cranberry Point Energy Storage project.

How will the Cranberry Point project impact the New England grid?

The Cranberry Point project aims to improve grid stability and reliability while integrating more clean electricity into the New England grid.

What are the benefits of the Cranberry Point Energy Storage project?

The project is expected to enhance power reliability, improve grid stability, and facilitate the efficient use of clean energy in the region.

Who developed the Cranberry Point Energy Storage project?

The Cranberry Point Energy Storage project was developed by Plus Power.