Project Finance Brief GridStor Acquires 2 GWh of Energy Storage Projects

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.

France-based energy firm ENGIE has acquired a 6 GW portfolio of solar, paired storage, and standalone battery storage capacity from Belltown Power to add to its development pipeline in the U.S. These projects consist of approximately 2.7 GW of solar with 0.7 GW of paired storage and 2.6 GW of standalone battery storage. The projects are located across the Electric Reliability Council of Texas, Midcontinent Independent System Operator, Pennsylvania-New Jersey-Maryland Interconnection, and Western Electricity Coordinating Council.

Bhutan is set to get its first utility-scale solar photovoltaic power project, with the Asian Development Bank (ADB) approving financing of $18.26 million for its construction. The project will have a capacity of 17.38 MW and will produce 25 GWh of power annually. The project will help diversify Bhutan’s energy mix, which relies on hydropower making the sector vulnerable to variations in climate. The Bhutan government will contribute $990,000 to the project. The financing from ADB also includes an $8.26 million concessional loan and an ADB-administered $10 million grant from the Asian Development Fund.

Matrix Renewables, the TPG Rise-backed global renewable energy platform, closed construction loans, tax equity bridge loans, and back-levered term loans for the Gaskell West 2 and Gaskell West 3 projects. The financing of $217 million was provided by MUFG, HSBC, National Bank of Canada, and Commonwealth Bank and follows the $92 million in tax equity financing Matrix received from Bank of America N.A. in June 2022.

Fotowatio Renewable Ventures, a developer of sustainable energy solutions and part of Abdul Latif Jameel Energy, has announced the acquisition of two battery energy storage projects in the Midlands, U.K. The projects will consist of two lithium-ion battery storage systems totaling a combined capacity of up to 100 MW, allowing importing and exporting energy connected to the distribution network.

Gore Street Energy Storage Fund (GSF), a London-listed energy storage fund supporting the transition to low-carbon power, announced that it has agreed to acquire from Kona Energy a 200 MW construction-ready energy storage project in Heysham, North West England.  The project is GSF’s largest acquisition to date. With this acquisition, GSF’s portfolio will consist of 25 projects with a total capacity of 898 MW in operation and construction in the UK, Ireland, Germany, and the U.S.

NextEnergy Solar Fund, a specialist solar and energy storage climate impact fund with a combined installed power capacity of 865 MW, has announced that it has acquired a 250 MW/500 MWh portfolio of battery storage projects and grid connections.  The strategic portfolio named ‘Project Lion,’ located in the East of England, was acquired for a consideration of £32.5 million (~$38 million) and will increase the current announced standalone battery storage in NESF’s joint venture partnership with Eelpower to 300 MW.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s project finance brief.