CleanCapital and Available Power have entered a joint venture to build a pipeline of distributed energy storage projects across the United States. In this strategic partnership, CleanCapital will provide project financing, development and construction expertise, and Available Power will provide market insights, technology and engineering expertise to develop strategically located batteries.
CleanCapital has made inroads into the energy storage market in recent years in an effort to diversify and complement its sizable solar portfolio. In all, the company’s near-term pipeline of storage assets exceeds 500 MWh.
“This strategic joint venture matches CleanCapital’s investment prowess and access to capital with Available Powers’ proven expertise in bringing grid-critical storage projects to fruition,” said Jon Powers, president of CleanCapital.
Available Power has built a robust pipeline of energy storage projects in the Texas market and plans to continue developing customized battery portfolios for emerging markets across the United States.
“By joining forces with an energy-sector trailblazer like CleanCapital, we’re taking a huge leap forward in our efforts to upgrade the overall power grid from the edge while strategically siting storage assets where they’ll have the most benefit,” said Benjamin Gregory, president of Available Power, a pure-play developer of investment-grade battery energy storage systems. “We’re entering into this partnership with great optimism about what this work will mean for the U.S. making progress toward its climate goals while supercharging the reliability of the power grid.”
Developing energy storage assets is crucial to achieving the country’s goal of reaching 100% carbon pollution-free electricity by 2035. According to a recent report, U.S. demand for battery energy storage systems (BESS) is likely to increase over six-fold from 18 GWh to 119 GWh by 2030. Accelerating the clean energy transition will require deeper investment into the solutions that support renewable energy sources.
Tags: Available Power, CleanCapital, energy storage, utility-scale
