Switch Power buys energy storage portfolio in Toronto

Author: Portland General Electric. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

September 8 (Renewables Now) - Alberta-based Switch Power Corporation will acquire a series of behind the meter (BTM) battery energy storage systems (BESS) in the greater Toronto area from local climate tech company Peak Power Inc.

Initially, Switch has bought four operating BESS assets and will later purchase a further 10 late-stage projects from Peak. In aggregate, the portfolio represents 25 MW/44 MWh of capacity and USD 26 million (EUR 22m) of capital deployment over the next 18 months.

Most of the remaining projects are expected to be completed next year and the rest in 2023. The capacity is deployed with large real-estate, asset management and industrial customers.

“This acquisition further solidifies our presence in distributed generation and storage, validates our electricity as a service platform, and, with it, adds imminent cashflow. This, alongside our current pipeline of development projects positions us well to be a leader in this market in the years to come,” said Trevor White, president and CEO of Switch Power.

The buyer said it has paid for the purchase with a mix of cash and an acquisition term loan from RE Royalties. The latter is also holding talks to provide a construction loan to support the buildout of the remaining projects.

(USD 1.0 = EUR 0.846)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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