Cypress Creek Renewables, a US-based solar energy provider, has purchased 400MW/600MWh of standalone energy storage projects in Texas from Black Mountain Energy Storage (BMES). The company acquired these four independent energy storage projects with a capacity of 100 MW each that were spread out across the Electric Reliability Council of Texas (ERCOT) region. The development stages of each energy storage project are presently underway, and all projects are anticipated to be operational by 2024.
The financial details of the deal have not been disclosed. Reportedly, the energy storage portfolio’s project development, entitlement, engineering, procurement, financing, and construction will continue. Up to this point, the company has developed 5 GW of solar and storage capacity in the ERCOT region. The deal was facilitated through LevelTen Energy Asset Marketplace.
In July 2021, EQT AB, a Swedish private-equity company’s EQT Infrastructure V fund agreed to purchase Cypress Creek Renewables from funds controlled by HPS Investment Partners, LLC and Temasek. The acquisition is scheduled to conclude in the second half of 2021, subject to normal conditions and approvals. Cypress Creek builds, funds, manages and owns solar energy and storage plants in the US.
REGlobal’s Views: Energy storage projects are gaining traction in the United States especially as the country is witnessing massive uptake of renewable energy. Further, grid-related disturbances have also become more pronounced owing to unavoidable circumstances.
