Plus Power has secured tax equity financing from Morgan Stanley for two of New England’s largest standalone battery energy storage projects: a $95 million investment in Cranberry Point Energy Storage in Massachusetts, and a $65 million investment in Cross Town Energy Storage in Maine.
The Cranberry Point facility, a 150 megawatt (MW)/300 megawatt-hour (MWh) solar+storage system in Carver, Massachusetts, came online in May 2025. The 175 MW/350 MWh Cross Town facility in Gorham, Maine is set to become the largest battery in the region once it comes online in Q4 2025.
The facilities will provide capacity and energy services to the Independent System Operator of New England (ISO-NE), assisting in balancing intermittent resources, bolstering grid reliability, and helping meet increased demand as conventional power plants retire.
Plus Power closed the debt financing for Cranberry Point in 2024 with First Citizens Bank, Nord LB, Investec Bank, Plc, and Siemens Financial Services. It closed the debt financing for Cross Town that same year, with Nord LB, Investec, and Siemens Financial Services.
The company raised over $290 million in debt financing between the two projects, 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, in a statement. “These investments enabled the construction of two projects that will provide significant benefits to the New England grid and the customers it serves.”
Headquartered near Houston, Texas, Plus Power’s renewables portfolio includes 11 GW of projects across more than 20 states.
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