Plus Power locks debt for 185-MW/565-MWh battery project in Hawaii
Rendering of Plus Power’s Kapolei Energy Storage Project on Oahu.
Image by Plus Power.
US battery storage project developer Plus Power said on Tuesday it has obtained USD 219 million (EUR 189.1m) in debt to finance the installation of a 185-MW/565-MWh energy storage facility on the Hawaiian island of Oahu.
The credit facility is earmarked for the Kapolei Energy Storage (KES) project, which in 2020 was selected in a renewable energy procurement by utility Hawaiian Electric. The process targeted 460 MW of solar power and close to 3 GWh of energy storage on Oahu, Maui and Hawaii Island.
Plus Power has secured USD 188 million in non-recourse construction debt and USD 31 million letters of credit in a financing round led by Mizuho Securities USA LLC and KeyBank. Silicon Valley Bank and CoBank also took part in the transaction.
The KES lithium-ion battery will provide Hawaiian Electric with load shifting and fast-frequency response services and thus make the grid more reliable. Plus Power previously said that the project will be completed in June 2022.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.