Renewable energy asset manager Greenbacker Capital Management has acquired a 30 MW/120 MWh battery energy storage system (BESS) project in Imperial County, California.
The company has acquired the Holtville BESS project from California-based developer SunCode Energy. The project is expected to commence commercial operation in the third quarter of 2023.
According to Greenbacker, the 120-MWh capacity of the project is sufficient to power approximately 4,119 homes for a 24-hour period, on average. The project already has a long-term power purchase agreement with an investment-grade utility, the company adds.
Energy storage is expected to play a crucial role in achieving California’s target of 100 percent renewable energy by 2045. According to a recent update from the governor, it is estimated that the state will see 19.5 GW of battery storage online by 2035, with 52 GW online by 2045.
“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.”
“We are committed to bringing the project online this summer and supporting grid resilience in California,” said XJ Chen, Managing Director of SunCode Energy. We also look forward to expanding our partnership with Greenbacker on more solar and battery storage projects in the future.”