Agilitas Energy said it will pay $75 million to acquire six standalone energy storage system (ESS) projects in the greater Houston area from Gulf States Renewable Energy’s GSR Energy business unit.
Each of the six projects has an identical design with battery supply from BYD Energy batteries and a system size of 9.96 MW/20.721 MWh. Two of the six projects are expected to begin commercial operation in 2023, with the other four in 2024. Agilitas Energy said it expects to buy each of the six projects when they are fully permitted and ready for construction.
Agilitas said the deal is its largest acquisition since raising $350 million from CarVal Investors L.P. last year for the purpose of national expansion. The acquisition and new market entry will add 60 MW to the company’s renewable energy and battery storage project pipeline.
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The projects will operate in The Electric Reliability Council of Texas (ERCOT). Agilitas said that as more renewable facilities are built, consumers could face greater price volatility that can be stabilized by energy storage projects.
The battery storage systems will deliver energy for customers of CenterPoint Energy.
“Texas has always represented the holy grail of energy and is one of our key expansion markets because it’s a leader in energy production, energy consumption and renewables,” said Barrett Bilotta, president CEO and co-founder of Agilitas Energy.
Battery supplier BYD Energy is based in China and has U.S. operations in Lancaster, Calif. Warren Buffet’s Berkshire Hathaway holds a minority stake in the company.
