Aypa Power, a Blackstone portfolio company and developer, owner, and operator of energy storage and hybrid generation assets acquired the 100 MW Yadkins Energy storage project from East Point Energy, an energy storage developer.
The financial details of the deal were not disclosed.
The project will be located in Chesapeake, Virginia. East Point will continue to provide development services to the project.
Once in operation, the storage facility will help improve the grid resilience in Virginia. According to the project developer, it is well-sited to support load growth and planned offshore wind interconnections.
Virginia-based East Point stated it is developing 4 GW of energy storage projects across the US. In September last year, the company sold a 20-MW/80-MWh battery project in its home state to the local unit of electric utility Dominion Energy.
“East Point was an early mover in Virginia; development of the Yadkins project began in 2018,” said East Point Energy CEO Andrew Foukal.
“The Project reflects East Point’s fundamentals-based approach to project siting, which is a result of over a decade of developing renewable energy projects across the country. It has been a pleasure to work with the Aypa Power team, and we look forward to making this project a success,” he added.
According to Mercom Research, in September 2021, East Point Energy sold the 20 MW Dry Bridge Energy Storage project to Dominion Energy Virginia, an electric utility. The Dry Bridge is expected to become operational in 2022. Located in Chesterfield County, Dry Bridge will be an essential component of Dominion Energy’s 100% clean energy future.
According to Mercom’s Q4 2021 and annual funding and M&A report for storage, grid, and efficiency, there were 24 M&A transactions in the battery storage category in 2021.
In October 2021, U.S.-based renewable energy company Arevon acquired the Vikings Energy Farm, a solar-plus-storage power project under development from RAI Energy International and Apex Energy Solutions. The Vikings Energy farm is a solar peaker with a 1:1 configuration of 150 MW of solar coupled with 150 MW/600 MWh of battery energy storage.