S4 Energy, an energy storage project developer and a majority-owned subsidiary of Castleton Commodities International (CCI), has agreed to acquire a 310 MW portfolio of German battery energy storage projects from Terra One Climate Solutions, a Germany-based energy storage project developer. The acquisition marks S4 Energy’s entrance into the German market.
The portfolio comprises projects in shovel-ready and advanced stages of development and is expected to reach commercial operation between 2026 and 2028. The company will build, own, and operate the battery energy storage projects. The financial details of the transaction remained undisclosed.
Earlier this month, S4 Energy also announced the acquisition of LC Energy Grid Service (LCEGS), a high-voltage battery storage platform and a subsidiary of LC Energy. In addition to the LCEGS acquisition, S4 Energy also acquired a 6 GW portfolio of energy storage projects in the Netherlands from LC Energy.
The company has plans to advance the development of its 7.5 GW project pipeline, which includes a fully-permitted 2 GWh energy storage facility in Groningen.
“This transaction demonstrates our conviction in the sector and belief in the vital role that battery energy storage plays in delivering Germany’s decarbonization goals,” said Mohit Singh, principal in CCI’s European Principal Investments team.
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.
Earlier this month, SSE Renewables, a developer specializing in renewable energy projects, announced the acquisition of project development rights for a 120 MW/240 MWh grid-scale battery energy storage system in Ireland. SSE Renewables acquired the rights from Low Carbon, a U.K.-based renewable energy firm.
