The acquisition – from private equity funds Encap and Apollo – involves 350 MW of operating assets, as well as 880 MW under construction with commissioning expected before the end of 2024. There are also 1.7 GW of advanced stage projects and a significant pipeline of early stage projects, said Engie.
The projects are located in Texas, California and central US.
Engie said the 100% acquisition will support its goal of having 10 GW of battery capacity globally by 2030. It will also strengthen its position in the US. It already has significant positions through its renewable assets, battery storage and energy management platform.
Completion of the transaction is expected by Q4 2023, subject to regulatory approval. No financial details were disclosed.