Greenbacker Expands right into California Power Optimization Sector with Stem

Oct 15, 2020 06:20 PM ET
  • Greenbacker Renewable Energy Company revealed today that on September 30, 2020, through a wholly-owned subsidiary, it bought the civil liberties to Rodeo Energy Storage LLC, a 10 MW/ 21.3 MWh portfolio of 20 behind-the-meter power storage systems, which were created and also will be created as well as operated by Stem, Inc. (" Stem"), the global leader in artificial intelligence (AI)- driven power storage solutions.

The procurement is Greenbacker's second in the essential as well as expanding energy optimization market, marking a further tactical development and also improving the solutions it offers to power off-takers as well as consumers in California while positioning the company to boost shareholder value.

" Energy storage space is an important innovation that will certainly make renewable resource a lot more sensible as well as accessible to consumers," stated Charles Wheeler, CEO of Greenbacker. "Increasing our financial investments in technology creates extra worth in the portfolio overall worth that we can pass along to our shareholders. Stem, a sector pioneer, has actually come to be a trusted partner as we turn into this brand-new asset course."

" We see Greenbacker as a lasting partner for Stem, and also we are delighted to finish our 2nd purchase this year," said John Carrington, CEO of Stem. "Our market leading Athena AI system gives the knowledge as well as real-time decision making called for to optimize the storage system and also lower energy costs for consumers. We eagerly anticipate extra partnership opportunities with the Greenbacker team."

Each of the obtained systems will certainly join California's Self Generation Incentive Program (SGIP), as well as future programs being developed by the recent FERC Order 2222. SGIP seeks to drive progress towards a cleaner, distributed-energy future by supplying refunds for installing energy storage space technology at both property and also non-residential centers. The systems will certainly serve consumers across the state. The portfolio is anticipated to be totally operational by Q2 2021.

With the procurement of Rodeo Energy Storage, Greenbacker will have approximately 655.4 MW of generating ability (consisting of assets that are to be created), comprising 431.6 MW of utility-scale and distributed solar facilities, 192.6 MW of wind facilities, 12.0 MW of biomass facilities, and also 19.2 MW of battery storage.