March 5 (Renewables Now) - Blackstone (NYSE:BX) has finalised the acquisition of Canadian battery storage solutions provider NRStor C&I LP, which has assets with a total capacity exceeding 200 MWh.
The US investment group said on Thursday it has acquired the Toronto-based business through funds managed by its energy-focused private equity unit Blackstone Energy Partners. It did not disclose the terms and value of the deal.
The acquired company operates on the North American market, providing its services under the build-own-operate (BOO) model. Its 200-MWh portfolio includes operational, in-construction and contracted energy storage projects. According to the press release, the firm is “a market leader” in Ontario.
The acquisition will provide NRStor with an opportunity to speed up its expansion and enhance its market positions, its founder and CEO Moe Hajabed said, adding that Blacksone’s understanding of the renewable power and utility markets will help NRStor grow its platform significantly.
“Battery storage will play an important role in the North American power grid and be critical to achieving ambitious renewable targets,” said Bilal Khan, senior managing director at Blackstone Energy Partners.