PORTLAND, Ore.–(BUSINESS WIRE)–October 28, 2022–
Today, GridStor, a developer and operator of grid-scale battery energy storage systems, announced the acquisition of a portfolio of storage projects currently under development in the greater Los Angeles area from of Upstream Energy of San Diego. The portfolio consists of multiple projects representing over 500MW / 2,000MWh of capacity, enough to power 375,000 California homes, with proposed go-live dates between 2024 and 2026.
The projects will come online at an important time for California’s clean energy transition as the state works toward a carbon-free electricity system by 2045. To achieve these goals, the California Energy Commission projects that 49,000 MW of battery storage will be required.
“California has pressing needs for reliability, and battery storage is the best way to systematically integrate clean energy into the grid and reduce our dependence on fossil fuels,” said Chris Taylor, CEO of GridStor. . “The large size and strategic locations of these new projects will position GridStor to become a major player in the California energy storage market as the clean energy transition continues.”
The battery storage projects will be built on previously disturbed sites in urban areas of the Los Angeles Basin near existing power lines and substations, allowing the batteries to quickly connect to the power grid when completed. Once online, the projects will provide the necessary capacity to regional utilities to ensure power grid reliability and will be essential for the growing volumes of renewable energy added to the state power grid and managed by the independent system operator. of California (CAISO).
Once operational, the projects will aim to:
- Increase the resilience of the power grid, helping to ensure a reliable power supply
- Enable grid operators to integrate more solar and wind energy by storing renewable energy during peak generation periods and delivering it during peak demand periods
- Generate significant capital investment in underutilized land near existing grid infrastructure in urban and suburban areas
- Support local, state, and federal clean energy goals
- Create union jobs in construction and contribute to property taxes for host communities
“We look forward to collaborating with the GridStor team in deploying this essential part of the state’s electrical infrastructure,” said Ryan Hulett, principal at Upstream Energy.
GridStor was created to build the critical infrastructure needed to transition the electricity grid to a renewable, low-carbon future. GridStor is backed by the Sustainability and Infrastructure Investment groups within Goldman Sachs Asset Management (Goldman Sachs), a leading clean energy investor. GridStor has assembled a team of seasoned professionals with over 125 years of combined energy experience to develop, design, build and operate large-scale battery storage systems.
GridStor’s target markets include regions experiencing rapid growth in renewable energy sources, thermal plant shutdowns, increasing grid instability due to unpredictable weather events such as extreme heat and wildfires , and areas experiencing higher energy demand and aging grid infrastructure.
Marathon Capital acted as exclusive financial advisor to Upstream Energy.
GridStor enables the transition to a clean energy grid by deploying flexible grid-connected batteries at scale. GridStor develops, acquires and operates large-scale stand-alone battery storage projects, primarily in North America. Visit us at www.gridstor.com and on LinkedIn.
About Goldman Sachs Asset Management
Combining traditional and alternative investments, Goldman Sachs Asset Management offers clients around the world a dedicated partnership and a focus on long-term performance. As the primary investment area within Goldman Sachs (NYSE: GS), we provide investment and advisory services to the world’s leading institutions, financial advisors and individuals, drawing on our deeply connected global network and on tailored expert insights, in every region and market—overseeing more than $2 trillion in assets under supervision globally as of September 30, 2022. Driven by a passion for our clients’ performance, we seek to establish long-term, belief-based relationships, lasting results and shared success over time. follow us on LinkedIn.
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KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA OREGON
INDUSTRY KEYWORD: ENVIRONMENT TECHNOLOGY OTHER ENERGY UTILITIES SUSTAINABILITY ALTERNATIVE ENERGY GREEN TECHNOLOGY ENERGY BATTERIES MATERIAL
Copyright BusinessWire 2022.
PUBLICATION: 28/10/2022 09:25 / DISK: 28/10/2022 09:25
Copyright BusinessWire 2022.