NEW YORK, Dec. 23, 2021 /PRNewswire/ --Eolian, a portfolio company of Global Infrastructure Partners (GIP), today announced the acquisition of all remaining outstanding interests in joint venture development portfolios of energy storage projects managed by Able Grid Energy Solutions. Contact online >>
NEW YORK, Dec. 23, 2021 /PRNewswire/ --Eolian, a portfolio company of Global Infrastructure Partners (GIP), today announced the acquisition of all remaining outstanding interests in joint venture development portfolios of energy storage projects managed by Able Grid Energy Solutions.
Since early 2017, in anticipation of the emergence of battery energy storage as a key component of reliable and cost-effective electricity market operations, Eolian and Able Grid have jointly pursued development of a portfolio of more than 10 GW of energy storage assets across multiple markets in the US. Additionally, since 2020 Eolian and Able Grid have collaborated on more than 300 MW of energy storage assets in Texas and California that are now operating or under construction and owned by Eolian''s subsidiary, Astral Electricity.
This transaction expands on GIP''s global renewables investment strategy, which has a proven track record of value creation. GIP''s current portfolio includes approximately $9 billion of equity investments and commitments in the sector, and ownership interests in over 14 GW of operating renewable assets and approximately 100 GW under construction or in development.
Barnaby Olson, CEO of Able Grid, said: "Since we founded Able Grid five years ago, our team has worked tirelessly to progress the development of standalone energy storage projects as a critical component of grid reliability and as a new source of power market attributes and services that are required to advance decarbonization through increased electrification and a more resilient and flexible electric grid. As our diverse project portfolio is constructed in the coming years, our vision of the grid of the future will be realized."
Aaron Zubaty, CEO of Eolian, added: "Eolian was specifically formed in collaboration with a global leader in infrastructure to accelerate the commercialization of the energy storage and renewable energy development assets that we had meticulously created with our partners. We are extremely proud of what the Able Grid team has accomplished with their efforts to date. This transaction will build on years of collective work with Able Grid management and employees to create a market for standalone energy storage projects throughout the US."
About Eolian, L.P.
Eolian, L.P. ("Eolian") owns and operates a growing portfolio of energy storage projects and invests in the most experienced renewable energy development teams in the U.S. For nearly 20 years, Eolian''s founding management has worked together to build the assets at the core of the company, creating unique and proprietary structures that have directly funded the development of more than 20,000 MW of successfully operating energy storage, solar and wind generating capacity across the country.
About Global Infrastructure Partners
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Global Infrastructure Partners ("GIP"), a leading infrastructure investor, announced today that it has entered into a binding agreement to sell a...
Investment in energy storage in the US has gradually built up momentum, but what will really take it into the mainstream – and when? A panel of financiers discuss their opinions and experiences in this panel session.
Representatives from development-stage renewables investorLeyline Capital and renewables investment bank Javelin Capital, banking and wealth asset management group Investec, sustainable infrastructure investment advisory SUSI Partners, corporate and investment bank KeyBanc Capital Partners took part in the session of the Energy Storage Summit USA, hosted earlier this year by our publisher Solar Media.
Moderated by Investec's Michael Pantelogianis, who is one of the group's heads of power and infrastructure finance, the group talk both opportunities and challenges that energy storage developers might face in getting investors on board, and what investors themselves should think about when getting on board.
Richard Braakenburg, managing director of investments at Swiss investment advisor SUSI Partners AG says that navigating the different available incentive structures across US states is another complex aspect of building the investment case and finding the right partners that understand the markets is essential.
Rebecca Chilton, director of project finance at Leyline Capital said this year's TexasWinter Storm, which caused days of power outages across the state, brought to light the “evolving use of batteries and the evolving importance of batteries in all parts of the grid and reformation of the grid”.
Watch the video below for the panelists insights:
Moderator:Michael Pantelogianis, co-head of power and infrastructure finance at Investec
Panelists:Richard Braakenburg, managing director of investments, SUSI Partners AG
Rebecca Chilton, director of project finance atLeyline Capital
Aaron Klein, managing director ofpower & renewable energy investment banking, KeyBanc Capital Markets
Patrick Norton, managing director, Javelin Capital
Presenter / Producer: Lucy Jacobson-Durham, Solar Media
Cover image: The winter weather caused a serious energy crisis in Texas this February, highlighting the importance of battery storage for the grid. Image: Texas National Guard.
The Energy Storage Summit USA returns on 23-24 March 2022in a live format! It will continue to foster and accelerate investment and deployment of energy storage globally. Through informative panel sessions and case studies from leading industry figures, networking roundtables and private workshop sessions. We will also see the return of the exhibition hall where you can explore the innovative solutions and products available within the industry and exchange business ideas.
There are digital tickets also available, book your ticket today at adiscounted early bird price (limited availability).
Visit the website here for tickets and more information.
Recharge is the world''s leading business intelligence source for the renewable energy industries. We provide award-winning international coverage of breaking news, in-depth features and analysis across the wind and solar sectors. Learn about key energy issues as they happen and get industry insight from our experts.
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ARLINGTON, Va., Feb.8, 2021 /PRNewswire/ --The AES Corporation (NYSE: AES) announced the closing of $154.2 million in non-recourse debt financing for Luna Storage, a 400-megawatt hourstandalone lithium-ion battery storage project in the City of Lancaster, in Los Angeles County, California. The transaction was closed bysPower,an Independent Power Producer (IPP), in late December 2020. In early January 2021,sPower merged to become part of AES'' clean energy business in the United States. The combined business represents one of the toprenewablesgrowth platforms in the country with the expertise to innovate customizable renewable energy solutions.
The $154.2 million non-recourse debt raise, arranged by KeyBanc Capital Markets Inc., Credit Agricole Corporate and Investment Bank, Silicon Valley Bank, and Export Development Canada, is one of the largest financing deals for a utility-scale standalone battery storage project. An Energy Storage Agreement (ESA) with Clean Power Alliance (CPA) for Luna Storage was signed in April 2020, making this the largest ESA for a Community Choice Aggregation (CCA) in California.
Energy storage is at the dawn of a generational opportunity to advance our society into the clean energy future...
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