ENGIE North America announced that it has entered into a partnership with funds managed by CBRE Investment Management on a portfolio of battery storage assets in Texas and California.
This transaction is one of ENGIE's largest operating portfolio partnerships in the U.S. and one of the sector's largest sales completed to date. ENGIE will retain a controlling share in the portfolio and will continue to operate and manage the assets.
The 2.4 GW portfolio consists of 31 projects in operation in Electric Reliability Council of Texas (ERCOT) and California Independent System Operator (CAISO) territories.
ENGIE, CBRE partner for battery storage assets in the U.S.
The 2.4 GW transaction between ENGIE and CBRE Investment Management includes 31 battery storage projects across Texas and California.
"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," said Dave Carroll, Chief Renewables Officer and SVP, ENGIE North America. "CBRE IM's investment reflects their confidence in ENGIE's proven track record in developing, building, operating and financing renewable assets, both in North America and globally."
ENGIE is a leader in meeting growing energy needs in North America where it currently has more than 11 GW of renewable production and battery storage in operation or construction. This transaction supports ENGIE's strategy in North America by simultaneously recycling capital and adding a leading, globally recognized investor to ENGIE's select pool of partners. The size of this portfolio focused on battery storage assets reflects ENGIE's global aspirations to grow in this space.
"We are excited to partner with ENGIE on this high-quality, scaled battery storage portfolio with a strong operating track record," said Robert Shaw, Managing Director, Private Infrastructure Strategies at CBRE Investment Management. "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."
