First Citizens Bank’s 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.
“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,” Josh Goldstein, chief financial officer at Plus Power, said. “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,” Mike Lorusso, who leads First Citizens Bank’s energy finance business, said. “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.”
