Agilitas Energy Acquires Texas Energy Storage Systems Portfolio for $75 Million

Mar 29, 2023 11:36 AM ET
  • The projects are acquired in the Greater Houston from Gulf States Renewable Energy.
  • Last year Agilitas Energy raised $350 million from CarVal Investors for the purpose of national development.

American solar PV and also storage conglomerate Agilitas Energy will be acquiring a portfolio of six standalone energy storage system (ESS) projects in the Greater Houston in Texas from Californian player Gulf States Renewable Energy, which is a subsidiary of GSR Energy.

The main statement of Agilitas Energy held that the bargain value about $75 million as well as speeds up the business's development outside of the Northeast US as part of its nationwide development plan.

This is the largest purchase of Agilitas Energy since it increased $350 million from CarVal Investors in 2022 for the function of nationwide expansion. The acquisition and also new market entry will include 60 MW to renewable energy and battery storage project pipeline of more than one GW for Agilitas Energy.

The projects will certainly run in The Electric Reliability Council of Texas (ERCOT), which handles the flow of electric power to more than 26 million Texas clients-- standing for around 90% of the state's electric tons. ERCOT, as the independent system operator for the area, stands for a possibility for Agilitas Energy to tap into a market progressively concentrated on renewables.

Agilitas Energy stated that the battery storage systems will certainly deliver low-priced energy for clients of CenterPoint Energy, a domestic energy shipment firm. It will certainly enhance the grid's reliability and also resiliency by charging their batteries from the grid at low optimal, when there is excess energy and expenses are reduced, and afterwards ultimately discharging that energy when need is high.

Barrett Bilotta, CEO of Agilitas Energy, said, "We plan to continue to be at the forefront of the energy transition, bringing renewable projects online in our target development markets with the team of professionals and also technology required to introduce the next generation of energy."

The strategy of Agilitas Energy CEO strategy is to continue broadening right into new locations, however they prepare to bolster their renewable portfolio to include sources beyond solar, partnering with various other leading renewable designers to achieve these goals as essential.

Solar Installers, Manufacturers