Rodeo Ranch Energy Storage

Plus Power · Pecos · Reeves County

Plus Power's Rodeo Ranch is a 300 MW / 600 MWh standalone battery on 13 acres beside TNMP's Worsham Substation near Pecos, in commercial operation since December 2023. It was financed as a merchant battery with $212.2M of tax equity from Foss & Company, one of the first large deals under the 2023 standalone storage tax credit.

Who holds which part of the Rodeo Ranch financing and grid connection WHO HOLDS EACH LAYER DEVELOPER AND OWNER Plus Power TAX EQUITY, $212.2M Foss & Company CONSTRUCTION AND TERM DEBT, $276M Deutsche Bank, First Citizens, Siemens Financial REVENUE HEDGE ON PART OF OUTPUT Goldman Sachs commodities INTERCONNECTION TNMP 138-kV Worsham Substation MARKET ERCOT energy and ancillary services
Power
300 MW
Energy
600 MWh
Land
13 acres
Online
Dec 2023
County
Reeves
Sector
Energy

Overview

A Two-Hour Merchant Battery at the Worsham Substation

Rodeo Ranch stores 600 MWh and discharges at up to 300 MW for two hours. It sits on about 13 acres next to Texas-New Mexico Power's (TNMP) 138-kV Worsham Substation outside Pecos, connecting at transmission voltage to the Electric Reliability Council of Texas (ERCOT) grid. Plus Power, a developer of standalone batteries, sells its output into ERCOT's energy and ancillary services markets with no long-term offtake contract.

The battery charges when Permian Basin wind, solar and gas output exceed local demand and discharges into the evening peak, when solar output falls and air conditioning load stays high. Reeves County also hosts Microsoft's planned Pecos campus with Chevron gas generation.

Profile
Developer and ownerPlus Power
LocationNear Pecos, Reeves County
Rating300 MW / 600 MWh (two hours)
SiteAbout 13 acres
InterconnectionTNMP 138-kV Worsham Substation
Commercial operationDecember 2023
MarketERCOT merchant
Project capitalAbout $488.2M

Financing

$488M Raised Inside a $1.8B Plus Power Package

Plus Power closed $1.8B for five batteries in October 2023: three in Texas and two in Arizona. Rodeo Ranch took $488.2M of it: $212.2M of tax equity from Foss & Company and $276M of construction and term debt. Deutsche Bank and First Citizens Bank led the Texas debt, with First Citizens as administrative agent and Siemens Financial Services as joint lead arranger. Goldman Sachs' commodities group hedged part of Rodeo Ranch's revenue.

The Inflation Reduction Act made standalone storage eligible for the investment tax credit from 2023; before that, batteries qualified only when charged from solar. Rodeo Ranch's tax equity was among the largest standalone storage deals of that first year.

Plus Power Texas batteries in the October 2023 financing
ProjectCountyRatingDebt
Rodeo RanchReeves300 MW / 600 MWh$276M plus $212.2M tax equity
EbonyComal200 MW / 400 MWh$196M
AnemoiHidalgo200 MW / 400 MWh$200M

Market

One of Many Two-Hour Batteries in an 18.7 GW ERCOT Fleet

ERCOT had 18.7 GW and 33.4 GWh of operating batteries at the end of September 2026, per Modo Energy, after a record 2.2 GW third quarter. Two-hour systems like Rodeo Ranch made up 90% of the quarter's additions. More batteries now compete for the same evening price spikes and ancillary services that paid early merchant projects. See Texas BESS Concentration.

Most lithium iron phosphate (LFP) cells in ERCOT batteries come from Chinese manufacturers such as CATL, BYD and EVE Energy. The One Big Beautiful Bill Act (2025) keeps the storage tax credit but bars it for projects starting construction after 2025 with material assistance from prohibited foreign entities, pushing new Texas projects toward cells made outside China. Plus Power has not disclosed Rodeo Ranch's cell supplier.

Record

Dataset Record

Sources
Plus Power, Rodeo Ranch Energy Storage project site, Renewable Energy World, pv magazine USA, S&P Global Market Intelligence, Modo Energy, Cleanview, The Register
Last verified
October 2026