Cypress Creek Renewables has added 400 MW/600 MWh to its storage portfolio after acquiring four Texas standalone energy storage projects from Black Mountain Energy Storage (BMES).
The projects, each 100 MW, are located throughout the Electric Reliability Council of Texas (ERCOT) market and are currently under development.
Cypress Creek will continue project development, entitlement, engineering, procurement, financing and construction. It will also operate the portfolio once complete. The four projects are expected to be placed in service in 2024.
Nationally, Cypress Creek has developed more than 11 GW of solar to date and has a 15 GW solar and storage pipeline. In the ERCOT market, Cypress Creek has developed 5 GW of solar and storage assets, bringing resiliency and flexibility to the grid.
“ERCOT is an incredibly dynamic power market, and standalone storage assets will continue to provide opportunities to increase grid reliability through flexible and dispatchable resources,” says Jack Murray, director of M&A at Cypress Creek. “Black Mountain has been an exceptional partner to work with and we are excited to throw our development, EPC and financing expertise behind these assets to move them across the finish line, affirming our commitment to developing resilient renewable energy resources throughout Texas.”
“It was a pleasure working with the Cypress Creek team, and we are pleased to have assisted them on their journey to be one of the most significant renewables developers in the U.S.,” states Rhett Bennett, CEO of BMES. “Cypress not only understands the power market, but also the critical importance of energy storage. They are committed to renewable energy, and we are excited about the potential of these projects and the immense positive impact they will bring to the grid.”
The transaction was facilitated through the LevelTen Energy Asset Marketplace, connecting renewable energy projects and buyers towards deal execution.
“It was an honor to support this transaction via the LevelTen Asset Marketplace, which brings together project developers and investors, and delivers the online tools they need to complete asset sales,” comments Patrick Worrall, vice president of Asset Marketplace, LevelTen Energy. “Black Mountain Energy Storage and Cypress Creek Renewables are leaders in the industry, and we look forward to watching development on this portfolio of storage projects progress.”