Scale Microgrid Solutions and Nexus Renewables will partner on developing, building and acquiring $100 million in distributed grid-connected solar and battery storage projects across the U.S.
Scale, which is owned by private equity firm Warburg Pincus, has been developing solar and storage hybrid microgrids for on-site power at various agriculture and commercial locations. The deal with Nexus helps accelerate the pace and breadth of that work, the companies said.
“Nexus Renewables prides itself as one of the best in identifying and serving underserved solar and energy storage market opportunities,” Keith Sandor, president of the company, said in a statement.
See EnergyTech's full coverage of Microgrid projects in the C&I Energy Transition
Subscribe to our free, tri-weekly Newsletter for more stories like this
Nexus has advanced projects in New York, California and Texas. Scale Microgrid Solutions' portfolio includes projects in California, Connecticut and Pennsylvania.
“Securing SMS as an institutional partner not only reinforces this core competency (of project development), but also provides continued access to capital to support rapid growth,” Sandor added.
Beginning 2019, Warburg Pincus led funding for a $300 million line-of-equity commitment to New Jersey-based Scale.
Research firm Guidehouse Insights has previously forecast that the microgrid market could exceed $30 billion by 2027.
