Advantage Capital announced the closing of a $158 million tax equity investment to support the Medway Grid Energy Battery Storage project in Massachusetts, a 250MW utility-scale battery energy storage system. The project is backed by Vitol and developed by its VC Renewables team, which will also manage the system.
The Medway project is the largest battery energy storage system in Massachusetts to date and ranks among the largest in the ISO New England region. It is designed to help meet the state’s Clean Peak Energy standards while strengthening grid reliability and supporting increasing electricity demand.
The investment leverages federal Investment Tax Credits, a key financing mechanism that supports the development of new energy infrastructure and technologies. The project is expected to provide greater grid stability by storing excess electricity during low-demand periods and discharging it during peak demand hours.
Battery storage systems like this one play a growing role in modern energy systems by improving flexibility and enabling more efficient use of renewable energy. The Medway facility operates as a front-of-the-meter system, delivering power directly to the grid with zero on-site emissions.
The project is also expected to generate local economic benefits, including property tax revenue that will support municipal services in the Medway community.
The ISO New England region continues to see growth in battery storage development, with dozens of projects currently in the pipeline. The Medway system joins other large-scale projects in the region, including facilities in Maine and Massachusetts.
This investment marks another step in Advantage Capital’s broader Energy Finance platform, which focuses on funding large-scale renewable and clean energy projects across the United States. To date, the firm has supported more than 3.3 GWdc of clean energy capacity, enough to power over 582,000 homes.
KEY QUOTE:
“Massachusetts has long supported the development of clean energy resources and innovation, and we are proud to partner with VC Renewables 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. In addition, the project will generate significant local property tax revenue, directly supporting municipal services and contributing meaningful, long-term economic benefits to the Medway community.”
Tom Bitting, Managing Director, Advantage Capital
