GridStor, a developer and operator of grid-scale battery energy storage systems, announced the acquisition of a portfolio of storage projects currently in development in the greater Los Angeles area from Upstream Energy.
The portfolio of Battery Storage systems consists of multiple projects representing over 500 MW / 2,000 MWh of capacity. It will be built on previously disturbed sites in urban areas in the LA basin area near existing power lines and substations, allowing the batteries to connect to the electric grid upon completion.
“California has urgent reliability needs, and battery storage is the best way to consistently incorporate clean energy onto the grid and curtail our dependence on fossil fuels,” said Chris Taylor, CEO of GridStor. “The large size and strategic locations of these new projects will position GridStor to become a major player in the California energy storage market as the transition to clean energy continues.”
The projects are expected to produce enough power for 375,000 California homes and will come online by 2026.
GridStor is backed by the Sustainability and Infrastructure Investing groups at Goldman Sachs Asset Management.
Marathon Capital acted as the exclusive financial advisor to Upstream Energy.
According to Mercom’s 9M And Q3 2022 Funding and M&A Report for Storage, Grid & Efficiency. In the first nine months of 2022, there were 30 Energy Storage project acquisitions compared to 31 in 9M 2021.
Earlier this year, Eolus, a renewable energy developer, signed an agreement to sell a 750 MW solar and battery storage project in Arizona, US. The project is Eolus’ third to be sold in the United States. The buyer is a United States-based portfolio company backed by a large publicly traded global private equity investment firm. Commissioning is currently planned for 2025.