• Exclusive Content
  • Events
  • Endeavor Business Media Energy
    1. Energy Storage

    Broad Reach Power closes $160M financing round for Battery Storage projects in Texas, California

    Aug. 1, 2022
    Those projects altogether total about 390 MWh in generation capacity. They are front of the meter systems utilizing various lithium-ion technologies
    Image credit Broad Reach Energy
    Broad Reach Power Energy Storage Texas 62e8025ba6da1

    Broad Reach Power’s latest round of project financing seems to indicate global investment enthusiasm for a high level of utility-scale battery storage in the Lone Star state.

    The Houston-based energy storage group has successfully closed $160 million in project financing for 17 utility-scale battery systems in Texas and one in California. Those projects altogether total about 390 MWh in generation capacity.

    They are front of the meter systems utilizing various lithium-ion technologies, according to Broad Reach Power.

    Deutsche Bank AG, New York Branch and MUFG Bank Ltd. acted as Coordinating Lead Arrangers and Joint Bookrunners for the financing.

    “Battery storage projects are an important pillar in ensuring a reliable and clean electric grid,” said Jeremy Eisman, head of Infrastructure & Energy Financing and Structuring at Deutsche Bank, in a statement. “We are happy to have collaborated with Broad Reach on this landmark battery storage financing and look forward to supporting their continued growth.”

    Texas and California are leading the U.S. in utility-scale wind and solar energy installations, respectively. However, the intermittency of weather-based renewables calls out for backup or balancing power in the form of flexible generation and/or energy storage projects.

    Related stories

    Wärtsilä Perspective: Portfolio Diversity pivotal to enabling Renewable Energy Transition

    Texas Public Utility Commissioners considering new Interconnection standards for Energy Storage

    Subscribe to EnergyTech's free, tri-weekly newsletter for more Insights into the C&I Energy Transition

    The U.S. utility-scale energy storage sector achieved another milestone in 2021’s fourth quarter with record installation of 4,727 MWh in newly installed capacity. The full-year deployment was close to 3 GW/9.2 GWh, according to a report from Wood Mackenzie and the American Clean Power Association.

    Texas was in the top grouping of states for those installations. State leaders have expressed pride in their  preeminent ranking with wind power, but hot summers and low wind are taxing the Texas grid during periods of historic peak demand.

    Record Heat putting strain on Texas Grid resiliency

    Broad Reach power owns a 21 GW portfolio of utility-scale battery storage and renewable power projects across the U.S. Earlier this year, the Houston company announced it was acquiring more than 900 MWh of battery systems from Contemporary Amperex Technology Co. (CATL).

    Broad Reach plans to install those previously announced systems in six Texas projects next year.

    -- -- -- 

    (Rod Walton, senior editor for EnergyTech, is a 14-year veteran of covering the energy industry both as a newspaper and trade journalist. He can be reached at [email protected]).

    Follow us on Twitter @EnergyTechNews_ and @rodwaltonelp   

    About the Author

    Rod Walton, EnergyTech Managing Editor | Senior Editor

    For EnergyTech editorial inquiries, please contact Managing Editor Rod Walton at [email protected].

    Rod Walton has spent 15 years covering the energy industry as a newspaper and trade journalist. He formerly was energy writer and business editor at the Tulsa World. Later, he spent six years covering the electricity power sector for Pennwell and Clarion Events. He joined Endeavor and EnergyTech in November 2021.

    Walton earned his Bachelors degree in journalism from the University of Oklahoma. His career stops include the Moore American, Bartlesville Examiner-Enterprise, Wagoner Tribune and Tulsa World. 

    EnergyTech is focused on the mission critical and large-scale energy users and their sustainability and resiliency goals. These include the commercial and industrial sectors, as well as the military, universities, data centers and microgrids. The C&I sectors together account for close to 30 percent of greenhouse gas emissions in the U.S.

    He was named Managing Editor for Microgrid Knowledge and EnergyTech starting July 1, 2023

    Many large-scale energy users such as Fortune 500 companies, and mission-critical users such as military bases, universities, healthcare facilities, public safety and data centers, shifting their energy priorities to reach net-zero carbon goals within the coming decades. These include plans for renewable energy power purchase agreements, but also on-site resiliency projects such as microgrids, combined heat and power, rooftop solar, energy storage, digitalization and building efficiency upgrades.

    Email