Agilitas Energy, developer, owner, and operator of distributed energy storage and solar projects, acquired a portfolio of six standalone energy storage system (ESS) projects for $75 million in Texas from Gulf States Renewable Energy, a subsidiary of GSR Energy.
The acquisition and new market entry will add 60 MW to Agilitas Energy’s renewable energy and battery storage project pipeline of more than 1 GW.
The projects will operate in The Electric Reliability Council of Texas (ERCOT), which manages the flow of electric power to more than 26 million Texas customers—representing about 90% of the state’s electric load. Each of the six projects has an identical design, a battery supply from BYD Energy batteries, and a system size of 9.96 MW/20.721 MWh. Two of the six projects are expected to begin commercial operation in 2023, with the other four following in 2024. Agilitas Energy expects to purchase each of the six projects in the portfolio when they are fully permitted and ready for construction.
“Texas has always represented the holy grail of energy and is one of our key expansion markets because it’s a leader in energy production, energy consumption, and renewables. With this new foothold, our Agilitas Energy team is taking a pivotal step to build value-added energy solutions to a market increasingly burgeoning with renewables,” said Barrett Bilotta, President, CEO, and co-founder of Agilitas Energy.
The acquisition is Agilitas Energy’s largest transaction since the company raised $350 million from CarVal Investors last year for national expansion.
“We plan to continue to be at the forefront of the energy transition, bringing renewable projects online in our target expansion markets with the team of experts and technology required to usher in the next generation of energy.” Bilotta continued, “Our strategy is to continue expanding into new geographies, but we’re also planning to bolster our renewable portfolio to include sources beyond solar, partnering with other leading renewable developers to achieve these goals as necessary,” added Barrett Bilotta.
According to Mercom’s Annual And Q4 2022 Funding and M&A Report for Storage, Grid & Efficiency. A record 14.6 GW of energy storage and solar + storage projects were acquired in 2022, a 400% increase YoY compared to 3 GW in 2021.
