Kapolei Energy Storage (KES) — 185 MW / 565 MWh standalone Li-ion battery storage, Oahu HI
Plus Power closed landmark $219M non-recourse financing for the largest energy storage project selected by Hawaiian Electric. $188M construction debt + $31M letters of credit. Mizuho and KeyBank co-led; SVB and CoBank participated. Tesla supplied batteries. Project replaced AES coal plant; came online May 2024 as Hawaii's biggest battery to date.
$219M
Deal Value
185MW
Capacity
565MWh
Storage
Storage
Technology
HI
Location
Deal Details
- Deal Type
- Project Finance
- Seller / Sponsor
- Plus Power
- Buyer / Financier
- Mizuho Securities USA (lead); KeyBank (lead); Silicon Valley Bank; CoBank
- Offtaker
- Hawaiian Electric
- Deal Value
- $219M (incl. $188M construction debt + $31M LCs)
- Stage
- Construction
- ISO/RTO
- HECO
- Source
- PR Newswire
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