Sustainable infrastructure investor Greenbacker Capital Management (GCM) has acquired a 30-MW/120-MWh battery energy storage system (BESS) project in Imperial County, California, from solar and storage developer SunCode.
The project has a long-term power purchase agreement in place with an investment-grade utility. The project is expected to enter commercial operation in the third quarter of 2023. Transaction counsel for Greenbacker was Greenberg Traurig; Troutman Pepper served as counsel for SunCode Energy.
“Utility-scale energy storage is central to both our investment thesis and our broader mission of empowering a sustainable world,” said Mehul Mehta, CIO of Greenbacker. “Our successful partnership with SunCode Energy on our largest BESS asset to date will lower power bills while increasing grid stability in California, and we look forward to working together on future clean energy collaborations.”
The project will have the capacity to store enough power to supply 4,119 homes for 24 hours, on average. It has already inked a long-term power purchase agreement (PPA) with an investment-grade utility.
“We are excited to partner with Greenbacker on its largest standalone energy storage project,” said XJ Chen, Managing Director of SunCode Energy. “We are committed to bringing the project online this summer and supporting grid resilience in California. We also look forward to expanding our partnership with Greenbacker on more solar and battery storage projects in the future.”
According to Mercom’s Q1 2023 Energy Storage and Smart Grid Report, there were 12 Energy Storage Project M&A transactions in Q1 2023.
Clearstone Energy, a solar and battery energy storage projects developer, recently announced the sale of two Battery Energy Storage System (BESS) projects in Southern England to Foresight Energy Infrastructure Partners. The Sundon project is located close to Luton, 25 miles north of London. The site is adjacent to the National Grid 400 kV substation at Sundon on the high voltage transmission line between offshore wind generation in North England and the distribution circuit supplying electricity to London.