Cypress Creek Renewables has added 400MW/600MWh to its storage portfolio after buying 4 Texas standalone vitality storage initiatives from Black Mountain Power Storage (BMES). The initiatives, every 100 MW, are positioned all through the Electrical Reliability Council of Texas (ERCOT) market and are at the moment underneath improvement.
Cypress Creek will proceed challenge improvement, entitlement, engineering, procurement, financing, development, and can function the 400MW/600MWh portfolio as soon as full. The 4 initiatives are anticipated to be positioned in service in 2024.
“ERCOT is an extremely dynamic energy market, and standalone storage property will proceed to offer alternatives to extend grid reliability by means of versatile and dispatchable sources,” mentioned Jack Murray, Director of M&A at Cypress Creek. “Black Mountain has been an distinctive accomplice to work with and we’re excited to throw our improvement, EPC and financing experience behind these property to maneuver them throughout the end line, affirming our dedication to creating resilient renewable vitality sources all through Texas.”
Nationally, Cypress Creek has developed greater than 11GW of photo voltaic thus far and has a 15GW photo voltaic and storage pipeline. Within the ERCOT market, Cypress Creek has developed 5GW of photo voltaic and storage property, bringing resiliency and suppleness to the grid.
The transaction was facilitated by means of the LevelTen Power Asset Market, connecting renewable vitality initiatives and consumers in direction of deal execution.
“It was an honor to help this transaction through the LevelTen Asset Marketplace, which brings collectively challenge builders and buyers, and delivers the web instruments they should full asset gross sales,” mentioned Patrick Worrall, vice chairman of Asset Market, LevelTen Power. “Black Mountain Power Storage and Cypress Creek Renewables are leaders within the trade, and we look ahead to watching improvement on this portfolio of storage initiatives progress.”
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