Cypress Creek Renewables has added 400 MW/600 MWh to its storage portfolio after buying 4 Texas standalone power storage initiatives from Black Mountain Energy Storage (BMES). The initiatives, every 100 MW, are situated all through the Electrical Reliability Council of Texas (ERCOT) market and are at present underneath improvement.
Cypress Creek will proceed undertaking improvement, entitlement, engineering, procurement, financing and development. It should function the 400 MW/600 MWh portfolio as soon as full. The 4 initiatives are anticipated to be positioned in service in 2024.
Nationally, Cypress Creek has developed greater than 11 GW of photo voltaic so far and has a 15 GW photo voltaic and storage pipeline. Within the ERCOT market, Cypress Creek has developed 5 GW of photo voltaic and storage belongings, bringing resiliency and suppleness to the grid.
“ERCOT is an extremely dynamic energy market, and standalone storage belongings will proceed to supply alternatives to extend grid reliability via versatile and dispatchable assets,” says Jack Murray, director of M&A at Cypress Creek. “Black Mountain has been an distinctive companion to work with and we’re excited to throw our improvement, EPC and financing experience behind these belongings to maneuver them throughout the end line, affirming our dedication to creating resilient renewable power assets all through Texas.”
“It was a pleasure working with the Cypress Creek staff, and we’re happy to have assisted them on their journey to be one of the crucial vital renewables builders within the U.S.,” states Rhett Bennett, CEO of BMES. “Cypress not solely understands the ability market, but in addition the vital significance of power storage. They’re dedicated to renewable power, and we’re excited concerning the potential of those initiatives and the immense optimistic affect they’ll carry to the grid.”
The transaction was facilitated via the LevelTen Vitality Asset Market, connecting renewable power initiatives and patrons in direction of deal execution.
“It was an honor to assist this transaction through the LevelTen Asset Market, which brings collectively undertaking builders and traders, and delivers the web instruments they should full asset gross sales,” feedback Patrick Worrall, vice chairman of Asset Market, LevelTen Vitality. “Black Mountain Vitality Storage and Cypress Creek Renewables are leaders within the trade, and we look ahead to watching improvement on this portfolio of storage initiatives progress.”
