EDINBURG, Texas, Oct. 22, 2024 /PRNewswire/ -- Foss & Company, a premier institutional investment fund sponsor, announced the successful closing of an investment exceeding $100 million for a battery energy storage system (BESS) named Anemoi Energy Storage. This landmark deal represents a significant milestone for Foss & Company, marking its third investment in a utility scale BESS project. The partnership between Foss & Company and Plus Power, a leading developer, owner, and operator of standalone battery storage, underscores a commitment to innovation and sustainability in the renewable energy space.

Anemoi Energy Storage, a standalone 200 MW / 400 MWh BESS project located near Edinburg, TX, is poised to revolutionize energy storage capabilities in the region. With a focus on enhancing grid reliability and enabling renewable energy integration, Anemoi Energy Storage embodies the future of sustainable energy infrastructure.

"Foss & Company is thrilled to announce the successful closing on Anemoi Energy Storage," said Bryen Alperin, partner and managing director, Foss & Company. "This transformative project not only strengthens our position as a leading tax equity provider but also underscores our dedication to advancing battery storage solutions. We are proud to partner with Plus Power on another impactful project."

This investment utilized a t-flip structure. This structure, pioneered by Foss & Company in 2023, offers investors a unique opportunity to buy transferable tax credits while still providing an optimized financing solution for developers. The Anemoi Energy Storage investment further solidifies Foss & Company's reputation as an industry trailblazer, providing investors with innovative avenues for sustainable investment.

"Plus Power welcomes Foss & Company's support for this critical facility in our standalone storage fleet in Texas," said Josh Goldstein, chief financial officer at Plus Power. "Anemoi Energy Storage is helping ERCOT keep the power on as it navigates rising demand and more frequent extreme weather events. Our partnership with Foss & Company puts us in an even stronger position to contribute to a more efficient and reliable electric grid."

The successful completion of Anemoi Energy Storage builds upon the momentum generated by Foss & Company's previous BESS transaction for Plus Power's Rodeo Ranch Energy Storage facility. This latest endeavor further strengthens the partnership between Foss & Company and Plus Power, cementing their position as industry leaders in standalone battery storage development in the United States.

ABOUT FOSS & COMPANY 
Founded in 1983, Foss & Company is a national tax equity investor and fund sponsor that has deployed over $9 billion in tax equity on behalf of insurance, banking, and other large corporate clients into historic rehabilitation projects, renewable energy and advanced energy production facilities. Foss & Company is a full-service advisor with proven expertise in helping our partners navigate the world of tax equity investments. For more information about Foss & Company and its innovative transferable tax credit opportunities, please visit www.FossandCo.com.

SOURCE Foss & Company