ENGIE North America announced an investment by CBRE Investment Management in a portfolio of battery storage assets in Texas and California, in one of the largest battery storage financing transactions to date.
Energy storage forms one of the key building blocks for the rapidly expanding clean energy transition, given the intermittent generating nature of many sources of renewable energy, such as wind and solar, and the need to satisfy round-the-clock energy demand, while ensuring that energy is not wasted, particularly as demand on the grid grows from areas such as transport electrification and AI computing.
The portfolio includes 2.4 GW of storage, consisting of 31 projects in operation in Electric Reliability Council of Texas (ERCOT) and California Independent System Operator (CAISO) territories.
Robert Shaw, Managing Director, Private Infrastructure Strategies at CBRE Investment Management, said:
“We are excited to partner with ENGIE on this high-quality, scaled battery storage portfolio with a strong operating track record. This investment reflects our proven strategy of investing in infrastructure 2.0 assets that leverage the breadth of the CBRE IM platform and benefit from strong contracted revenue and macro digitalization and decarbonization tailwinds.”
Engie said that the transaction marks one of its largest operating portfolio partnerships in the U.S., and will support its strategy in North America by simultaneously recycling capital and adding a globally recognized investor to its pool of partners.
Dave Carroll, Chief Renewables Officer and SVP, ENGIE North America, said:
“We are delighted that ENGIE and CBRE IM are partnering in this industry-leading transaction, supporting 2.4 GW of storage that will support the growing demand for power in Texas and California. The scale of this portfolio reflects ENGIE’s commitments to meeting the energy needs of the U.S. and increasing the resilience of the ERCOT and CAISO grids.”
