Engie Expands US Storage Reaches: 350MW & 880MW Online
- Engie, a global energy company, has signed a binding agreement to acquire Broad Reach Power, a US energy storage company, to support 10GW of battery capacity globally by 2030. Completion expected by end of 2023.
Engie, a global energy company, has signed a binding agreement to acquire Broad Reach Power, a US energy storage company owned by private equity funds EnCap and Apollo. The acquisition includes 350MW of operating assets and 880MW under construction, 1.7GW of advanced stage projects and a significant pipeline of early stage projects. The projects span Texas, California and the central states of the United States and will support Engie's goal of having 10GW of battery capacity globally by 2030. The completion of the transaction is expected by the end of 2023 subject to anti-trust and energy regulatory authorities approvals. Engie's CEO Catherine MacGregor commented that the acquisition contributes to the development of a low-carbon, affordable and resilient energy system.
What Effects Will Engie's Acquisition of Broad Reach Power Have?
- Expansion of Engie’s global energy storage capacity to 10GW, an increase of 8.3GW in just two years.
- Increased operations in Texas, California, and Central US states, creating more jobs and economic growth in those areas.
- Development of a low-carbon, affordable and resilient energy system.
- Increased competition in the energy storage market, leading to lower prices for customers.
- Increased reliability of the energy grid, including during extreme weather events.
- Potential for new technologies to be developed, such as using energy storage to power electric vehicles.
- Reduced emissions with the expanded renewable energy capacity.