GridStor buys 500 MW/2 GWh energy storage projects in LA
Power in California. Author: Jeff Turner. License: Creative Commons, Attribution 2.0 Generic.
US grid-scale battery energy storage firm GridStor has bought a portfolio of multiple energy storage projects under development in the greater Los Angeles area that are expected to have over 500 MW/2 GWh of capacity.
Newly-founded GridStor, which is backed by the asset management arm of US investment bank Goldman Sachs Group Inc (NYSE:GS), has acquired the developments from Upstream Energy of San Diego. Financial details were not provided.
The battery storage projects will be built in urban areas, near existing power lines and substations which will allow quick connection to the power grid. Once operational between 2024 and 2026, the batteries are expected to guarantee reliable power supply and be critical to the increasing volumes of renewable energy being added to the state’s electric grid, according to the press release published Friday.
“The large size and strategic locations of these new projects will position GridStor to become a major player in the California energy storage market as the transition to clean energy continues,” said GridStor’s CEO Chris Taylor.
The State of California has the ambition to have a carbon-free electricity system by 2045 for which it will need 49 GW of battery storage, according to estimates by the California Energy Commission.
Established in 2022, GridStor is active in developing, acquiring and operating utility-scale, standalone battery storage projects primarily across North America. It is focused on regions seeing rapid growth of renewable energy sources, retirements of thermal power plants and higher energy demand. The Portland, Oregon-based firm is a portfolio company of Goldman Sachs Asset Management (GSAM).