Greenbacker forays into energy storage with 7.9MW/16.5MWh buy

Greenbacker Renewable Energy Co LLC has acquired the rights to a company that owns 7.9MW/16.5MWh of behind-the-meter energy storage projects.

Pacifica Storage LLC was bought from artificial intelligence (AI)-driven energy storage services provider Stem Inc for an undisclosed amount. The portfolio it owns consists of sixteen operational and to-be-constructed projects that will be serving customers in California. All assets in the bundle are expected to be fully commissioned in the second quarter of next year, the buyer said on Wednesday.

Each of the 16 projects will take part in California’s Self Generation Incentive Programme that offers rebates for installing battery storage at residential and non-residential sites.

The deal marks Greenbacker’s entry into the energy optimisation market. “Expanding into energy storage is a logical next step in our acquisition strategy,” said CEO Charles Wheeler, pointing out that the move adds to the company's vision of buying renewable energy and energy efficiency assets.

Following the purchase Greenbacker’s power generation portfolio has expanded to 552.6 MW, including to-be-constructed assets. Of this total 340.1MW come are solar plants, while wind accounts for 192.6 MW.

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