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NEW YORK, 28 June 2023: Greenbacker Capital Management, a leading renewable energy asset manager, has acquired a to-be-constructed battery energy storage system (BESS) project in Imperial County, California.
The project, which has a total power capacity of 30 MW and the ability to store up to 120 MWh of energy, is now the largest standalone battery storage asset in Greenbacker’s clean energy fleet.
Battery energy storage system (BESS)
The acquisition is a significant milestone for Greenbacker, as it demonstrates the company’s commitment to building out its standalone energy storage portfolio. BESS projects are critical to the clean energy transition, as they can help to reduce energy costs for consumers and improve grid resiliency. Holtville’s 120 MWh capacity represents enough energy to power approximately 4119 homes for a 24-hour period, on average.
The Holtville project has a long-term power purchase agreement in place with an investment-grade utility. It is expected to enter commercial operation in the third quarter of 2023.
Energy storage is set to play an essential role in reaching California’s goal of 100% renewable energy by 2045. A recent update from the governor estimated that 19,500 MW of battery storage will come online in the state by 2035, with 52,000 MW online by 2045.
The acquisition of the Holtville project is a major step forward for Greenbacker and for the clean energy transition. It demonstrates the company’s commitment to investing in innovative technologies that can help to reduce our reliance on fossil fuels and build a more sustainable future.
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“Utility-scale energy storage is central to both our investment thesis and our broader mission of empowering a sustainable world,” said Mehul Mehta, CIO of Greenbacker. “Our successful partnership with SunCode Energy on our largest BESS asset to date will lower power bills while increasing grid stability in California, and we look forward to working together on future clean energy collaborations.”
