Agilitas Energy, an integrated developer, builder, owner and operator of distributed energy storage and solar photovoltaic systems in the northeastern U.S., has agreed to acquire a portfolio of six standalone energy storage system projects in the greater Houston area from Gulf States Renewable Energy, a subsidiary of GSR Energy. The deal value approximates $75 million.
The acquisition and new market entry will add 60 MW to Agilitas Energy’s renewable energy and battery storage project pipeline of more than one gigawatt.
The projects will operate in the Electric Reliability Council of Texas, which manages the flow of electric power to more than 26 million Texas customers—representing about 90% of the state’s electric load.
The battery storage systems will deliver low-cost energy for customers of CenterPoint Energy, a domestic energy delivery company headquartered in Houston. It will enhance the grid’s reliability and resiliency by charging batteries from the grid at low peak when there is excess energy and costs are lower, and then subsequently discharging that energy when demand is high.
“Our strategy is to continue expanding into new geographies, but we’re also planning to bolster our renewable portfolio to include sources beyond solar, partnering with other leading renewable developers to achieve these goals as necessary,” says Barrett Bilotta, president, CEO and co-founder of Agilitas Energy.
Each of the six projects has an identical design with battery supply from BYD Energy batteries and a system size of 9.96 MW/20.721 MWh. Two of the six projects are expected to begin commercial operation in 2023, with the other four following in 2024. Agilitas Energy expects to purchase each of the six projects in the portfolio when they are fully permitted and ready for construction.