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Plus Power has closed a US$219 million financing for Hawaii’s Largest Battery Project to Date

Plus Power has received US$219 million in finance for the 185MW / 565MWh KES (Kapolei Energy Storage) project on the Hawaiian island of O’ahu. Plus Power declared former this week the achievement of a credit facility of188 USD ML in non-recourse construction loans as well as 31 USD ML in letters of credit, with funds provided by KeyBank and Mizuho Securities USA.

CoBank and Silicon Valley Bank also added to the individual battery energy storage system (BESS) project, which began in August. Thus, it is scheduled to enter service in 2022.KES launched a PPA (power purchase agreement) with Hawaiian Electric in the year 2020. The facility will allow Hawaii’s sole surviving coal power station, the 180MW AES Hawaii Power Plant, to be retired.Plus Power was offered a contract subsequent to a competitive procurement procedure in which Hawaiian Electric also rewarded contracts to 15 other projects such as standalone energy storage and solar-plus-storage.

Plus Power has closed a US$219 million financing for Hawaii's Largest Battery Project to DateKapolei Energy Storage is the utility’s largest energy storage project to date, having been chosen through a competitive bidding procedure. It will offer capacity and allow the utility to store energy created during off-peak hours and periods of plentiful renewable energy output, allowing it to be used when demand is at its peak.

The BESS will also deliver 50MW of rapid frequency services to the local grid, as well as assist Hawaiian Electric by delivering black start abilities and virtual lethargy to guarantee grid steadiness and enable offline power plants as well as other tools to be hurriedly brought back online.

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