ENGIE North America (ENGIE) revealed that it has collaborated with funds managed by CBRE Investment Management (CBRE IM) on a portfolio holding 2.4 GW of storage batteries across Texas and California. Thirty-one of the projects are operating in ERCOT, and two are operating in CAISO.
ENGIE’s working agreement is one of its largest in the US and also represents one of the sector’s biggest business sales completed so far. According to the company, ENGIE will keep a majority stake and will also manage and run the assets going forward.
“We are delighted that ENGIE and CBRE IM are partnering in this industry-leading transaction, supporting 2.4 GW of storage that will support the growing demand for power in Texas and California. The scale of this portfolio reflects ENGIE’s commitments to meeting the energy needs of the US and increasing the resilience of the ERCOT and CAISO grids. CBRE IM’s investment reflects their confidence in ENGIE’s proven track record in developing, building, operating, and financing renewable assets, both in North America and globally.”
– Dave Carroll, Chief Renewables Officer and SVP, ENGIE North America.
There is more than 11 GW of renewable power and battery storage by ENGIE that is either operating or being built in North America. ENGIE’s strategy in North America benefits from this transaction, since it allows us to spend less capital and attracts an international investor to our group. The large number of assets related to battery storage in ENGIE’s portfolio demonstrates its aim to become more active in this position around the world.
“We are excited to partner with ENGIE on this high-quality, scaled battery storage portfolio with a strong operating track record. This investment reflects our proven strategy of investing in infrastructure 2.0 assets that leverage the breadth of the CBRE IM platform and benefit from strong contracted revenue and macro digitalization and decarbonization tailwinds.”
– Robert Shaw, Managing Director, Private Infrastructure Strategies at CBRE Investment Management.
ENGIE’s purpose is to act to accelerate the transition towards a carbon-neutral economy through reduced energy consumption and more environmentally friendly solutions. The purpose brings together the company, its employees, its clients, and its shareholders and reconciles economic performance with a positive impact on people and the planet. ENGIE’s actions are assessed in their entirety and over time.
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