Sheppard Mullin’s Energy, Infrastructure and Project Finance industry team advised Plus Power in $160 million in tax equity investments from Morgan Stanley in two battery storage projects in New England.
The investments by Morgan Stanley included $95 million in the 150 MW/300 MWh Cranberry Point Energy Storage facility in Carver, Mass. and $65 million in the 175 MW/350 MWh Cross Town Energy Storage facility in Gorham, Maine. The Cross Town facility will be the largest battery energy storage facility in the region when it begins commercial operations later this year.
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.
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. Headquartered in the Greater Houston Area, it has a rapidly growing portfolio of large-scale lithium-ion battery systems in more than 20 states and is currently executing on more than 11 gigawatts of battery storage capacity in transmission interconnection queues.
The Sheppard Mullin team was led by partner Benjamin Huffman and included associate Annie Hao, special counsel Megan La Tronica and partner Michael O’Brien.
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