September 26 (Renewables Now) - Venture capital (VC) investor EnCap Investments LP and private equity firm Yorktown Partners LLC have supported the creation of a North America-focused energy storage developer called Broad Reach Power.
The new company announced this on Wednesday, describing itself as “a utility-scale storage independent power producer (IPP).” Its goal is to control over 2 GW of generation by 2021, divided between standalone storage power plants and combinations with wind, solar, or existing thermal power plants. The firm has already acquired a solar portfolio in the Pacific Northwest and is holding talks about a number of other opportunities, according to the announcement.
Broad Reach Power is based in Houston, Texas and is engaged in the development, ownership and operation of utility-scale battery plants. Initially, the firm will pursue opportunities in markets with increased demand for flexible, fast-responding generation. It will collaborate with independent system operators (ISOs), utilities, generators and risk managers.
The company is getting ready to rapidly increase its staff at its Houston headquarters and Los Angeles office, it said.