One of Hawaii's existing solar power plants. Author: Official US Navy Page. License: Creative Commons: Attribution 2.0 Generic
EnSync Inc (NYSEMKT:ESNC) on Monday announced the sale of a portfolio of project Power Purchase Agreements (PPAs), including the first solar plus energy storage projects sold in Hawaii.
The buyer is AEP OnSite Partners, a subsidiary of utility American Electric Power Co Inc (NYSE: AEP).
Three of the five portfolio projects include EnSync Energy storage, with all of the systems being sited behind-the-metre at condominiums or university campus buildings on Oahu and the Island of Hawaii.
EnSync president and chief executive Brad Hansen said the sale could be the first of its kind in the renewable energy market and validated the company’s PPA business model, which it adopted in 2015. EnSync will provide ongoing project services under a contract with AEP OnSite Partners.
"Hawaii provides ideal conditions to create customer value with solar resources combined with energy storage," said AEP OnSite Partners chief operating officer Joel Jansen, noting that the projects were the first integrated solar and storage projects in Hawaii.
EnSync says it has developed a significant project pipeline in the Hawaiian market. The company, once known as ZBB Energy Corp, develops energy management systems for the utility, commercial, industrial and multi-tenant building markets. The portfolio sold includes its proprietary Matrix Energy Management platform, which prioritises in real time electricity from the grid, from distributed generation and from energy storage.