Granite Source Power (GSP), a renewable energy project developer, and its partner, New Energy Capital, an alternative asset manager, announced the sale of 1,250 MW of standalone battery energy storage projects across ERCOT, SPP, and ISONE. The financial details of the transaction remained undisclosed.
The projects have scheduled commercial operation dates ranging from 2025 to 2027. Each project was sold individually through separate purchase and sale agreements with various buyers.
GSP, formed in 2022, currently has a pipeline of nearly 5 GW of battery energy storage projects in the Electric Reliability Council of Texas (ERCOT), New York Independent System Operator (NYISO), Independent System Operator – New England (ISONE), PJM, and Southwest Power Pool.
GSP and New Energy Capital formed a partnership in 2023 to accelerate growth and execute the company’s overall development strategy.
Marc Rizzo, Co-Founder of Granite Source Power, stated, “We are thrilled to expand our partnerships and connect our projects with reliable buyers. In competitive landscapes, identifying appealing and unique opportunities has been crucial for enhancing the marketability of our projects. Our collaboration with NEC has been instrumental in this regard, enabling us to swiftly seize and implement value-adding opportunities that ultimately benefit the buyers of our projects.”
According to Mercom’s 9M and Q3 2024 Funding and M&A Report for Energy Storage and Smart Grid, in 9M 2024, there were 22 energy storage project M&A transactions (one disclosed) compared to 22 transactions (four disclosed) in 9M 2023.
In October, Low Carbon, a renewable energy project developer, sold 6 GW of energy storage projects in the Netherlands. LC Energy, a joint venture between Low Carbon and QING, developed those storage assets.
