Plus Power closes financing for 185 MW Kapolei Energy Storage Project in Oahu

Plus Power has closed a landmark credit facility for its 185 MW/565 MWh Kapolei Energy Storage (KES) project in Hawai’i.

Plus Power’s contract with Hawaiian Electric supports the largest standalone energy storage project financing including US$188 million in non-recourse construction debt and US$31 million in letters of credit for a total commitment of US$219 million. Mizuho Securities USA LLC and KeyBank led the financing and were joined by Silicon Valley Bank and CoBank.

KES project is located in Kapolei on the island of Oahu. It will provide capacity and shifting of low-cost renewable energy to periods of high demand, and deliver 50 MW of fast-frequency response services, as well as virtual inertia and blackstart capabilities to the Hawaiian Electric Companies.