Advantage Capital has completed a $158m tax equity investment in the 250MW Medway Grid Energy Battery Storage project located in Massachusetts, US.
The battery energy storage system (BESS) project was developed by Vitol’s VC Renewables team, which will also oversee its ongoing management.
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The transaction utilised federal Investment Tax Credits (ITC), providing critical financial support for the deployment of new energy infrastructure.
Large-scale battery storage systems such as Medway allow for electricity to be stored during periods of low demand and supplied when demand peaks, supporting grid reliability and flexibility.
The front-of-the-meter design enables direct delivery of power into the grid or wholesale market.
The Medway Grid Energy Battery Storage project aligns with Massachusetts Clean Peak Energy standards set by the state’s Department of Energy Resources.
These standards are intended to incentivise clean energy and technologies that contribute power or reduce usage during times of high seasonal demand.
The system operates with zero on-site emissions and helps meet state climate and energy reliability targets.
Advantage Capital managing director Tom Bitting said: “Massachusetts has long supported the development of clean energy resources and innovation, and we are proud to partner with VC to make the Medway project our first standalone BESS in ISO-NE.
“Citizens and businesses in the region will now benefit from the project’s underlying support for a more resilient power grid and greater price stability.”
Medway joins the 175MW Cross Town system in Gorham, Maine, and the 150MW Cranberry Point project in Carver, Massachusetts.
The investment forms part of Advantage Capital’s broader Energy Finance Platform, which focuses on large-scale investments across a range of clean energy sectors including solar, wind, and battery storage technologies.
Till date, the company has supported over 3.3 gigawatts direct current (GWdc) of clean energy capacity throughout its portfolio.
