ArcLight Capital Partners, a private equity firm focused on energy, infrastructure, and energy transition, announced that their affiliate, Sequitur Renewables, has agreed with affiliates of GlidePath Power Solutions, an energy storage developer, to acquire five operating wind farms in Pennsylvania and West Virginia.
The Portfolio, totaling 185 MW of operating capacity, sells power and renewable energy credits into the merchant PJM market. Sequitur is also acquiring 80 MWh of battery energy storage development opportunities adjunct to the Portfolio from GlidePath.
Affiliates of ArcLight recently announced development milestones associated with the 335 MWh Long Beach Pier S BESS project in Long Beach, California, and the 540 MWh Luyster Creek BESS project in New York, New York.
“The Sequitur acquisition and BESS development opportunities leverage ArcLight’s core expertise in power generation, renewables, and energy transition,” said Dan Revers, Managing Partner at ArcLight.
“Arclight’s long history of wind operations will bring great value to these wind farms,” said Chris McKissack, Chief Executive Officer of GlidePath, who continued,” and will allow GlidePath’s team and investors to focus on our core business of deploying and operating energy storage projects.”
According to the company, they have invested approximately $27 billion in 119 transactions, including over $11 billion of equity capital, into the electrification segment, which includes power, transmission, renewable infrastructure, and energy transition investments.
Milbank served as legal counsel on the transaction to ArcLight. McGuire Woods served as legal counsel on the transaction to GlidePath.
Broad Reach Power, a utility-scale battery storage platform, recently closed a $160 million project financing for 17 operating battery energy storage systems in Texas and one in California. The financed projects are front-of-the-meter, utility-scale assets using lithium-ion technology totaling 390 MWh.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, there were 13 energy storage M&A transactions in 1H 2022 compared to nine in 1H 2021.
Last Month, Gresham House, an asset manager, acquired two fully permitted solar and battery energy storage projects from Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and PV cells and modules. The two projects comprise a collocated solar and battery energy storage project in Durham, with 50 MW solar capacity and 38 MW (or 76 MWh) of battery energy storage.