US financing: Investors back battery expansion with new BrightNight and Plus Power deals

Key financing milestones have been hit for US projects and developments, both in standalone and hybrid energy storage.

Power and digital infrastructure company BrightNight and and joint-venture- partner Cordelio Power announced they have reached financial close on the Pioneer Clean Energy Center in Yuma, Arizona, combining 300 MWac of solar generation with 300 MW / 1,200 MWh of battery storage. The project is being developed to supply a local utility under a long-term tolling agreement and is designed to provide dispatchable, firm clean power to support Arizona’s growing energy demand.

“Pioneer reflects BrightNight’s long-term commitment to supporting Arizona’s growing energy needs,” said Martin Hermann, CEO of BrightNight. “We’re focused on being a trusted partner in the region—delivering reliable, flexible clean power that drives lasting value for our customers and the communities they serve.”

Financing for Pioneer was provided by a lending syndicate including Crédit Agricole, MUFG, Royal Bank of Canada, National Bank of Canada, CoBank, and ING. Construction is underway, with commercial operation expected in April 2027.

Meanwhile, Plus Power has secured $160 million in tax equity financing from Morgan Stanley to support two standalone battery energy storage projects in New England. The investment includes $95 million for the 150 MW / 300 MWh Cranberry Point facility in Carver, Massachusetts (shown in the photo above), which began operations in May 2025, and $65 million for the 175 MW / 350 MWh Cross Town facility in Gorham, Maine, due online in “late Q4 2025,” implying operation within weeks.

The deal, a way of accessing cash upfront for tax incentives over years from the renewable projects, ties in with Plus Power’s earlier debt financings for both BESS projects, finalized in 2024. The tax equity deals are relatively new, but provide Plus Power with capital to build without needing its own warchest.

“Plus Power is proud to strengthen our relationship with Morgan Stanley, who recognizes the value of standalone battery energy storage to our nation’s energy markets as well as our company’s reputation for quality, safety, and innovation,” said Josh Goldstein, chief financial officer at Plus Power. The two projects are part of the company’s portfolio of 11 GW of projects in more than 20 states.

The deals come as the Solar Energy Industries Association notes that political attacks threaten half of all planned U.S. power capacity.