Aypa Power, an energy storage company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects, acquired two standalone battery energy storage (BESS) projects in Indiana from Blue Steel Power, a joint venture between Open Road Renewables and Eolian.
These standalone BESS projects are expected to provide grid resilience and capacity to the Midcontinent Independent System Operator (MISO) grid. The Williams Power project is a 150 MW late-stage development project located in Jefferson County, Indiana, and Fletcher Power is a 118 MW late-stage project in Decatur County, Indiana. Aypa intends to take over all development required to bring these projects to operation.
“Working with the Open Road and Eolian teams on this transaction demonstrated the depth of expertise that they have in developing and siting high-quality projects. With anticipated shortfalls in capacity resources in MISO, developing and operating the Williams and Fletcher projects will be critical to efficiently improving grid resiliency,” said Aypa Power CEO Moe Hajabed.
“It was great to work with the Open Road and Eolian teams in structuring this transaction. These acquisitions materially advance our portfolio in Indiana and demonstrate our commitment to improving capacity within the region”, said Aypa Power Director of Mergers & Acquisitions, Steven Greene.
Gore Street Energy Storage Fund, a London-based publicly traded fund managed by Gore Street Capital, recently acquired a 200 MW Big Rock 1 energy storage project in Imperial County, California, from clean energy project developer Avantus, for an undisclosed amount. The project is expected to begin construction in the second half of 2023, with completion expected by late 2024.
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.