GridStor Announces Acquisition of Arizona Battery Energy Storage Project From Capacity Power Group
100 MW / 400 MWh acquisition will help the region meet rising power demand and support grid reliability.
GridStor, a developer and operator of utility-scale battery energy storage systems, announced today that it has acquired a 100 MW / 400 MWh battery storage project in Arizona from Capacity Power Group (CPG).
GridStor's acquisition and plan to construct battery storage in Arizona comes during a critical time for the region. Rising power demand from residential and large industrial customers is rapidly increasing the volume of new capacity that Arizona's electric utilities project they will need.
"Battery storage is a scalable and near-term solution to powering historic load growth in Arizona," said Chris Taylor, CEO of GridStor. "Every day, batteries across the state are consistently providing energy to stabilize the power system and meet hours of greatest demand. This acquisition demonstrates GridStor's commitment to supporting Arizona to meet the growing power needs of its residents and businesses."
"CPG is committed to implementing energy storage projects across the United States," said Charly Bray, Principal at Capacity Power Group. "We're excited to work together with GridStor to build reliable energy solutions that provide affordable clean capacity to the electrical grid."
The successful close of the project marks GridStor's third acquisition over the past year.
GridStor develops and operates battery facilities directly integrated with American power infrastructure, storing electricity to deliver when it is most needed. GridStor is backed by Goldman Sachs Asset Management and comprises a team of seasoned energy professionals with a record of past accomplishments in energy storage and clean energy project acquisition, development, finance and operations. GridStor's target markets include regions with rapidly growing energy demand and increasing need for grid reliability.
About GridStor
GridStor strengthens America's power system reliability by building and operating battery projects, storing electricity to deliver when and where it's most needed. GridStor develops, acquires, and operates utility-scale, standalone battery storage projects primarily across North America. Visit us at www.gridstor.com and on LinkedIn.
About Capacity Power Group
Capacity Power Group (CPG) focuses on Front-of-the-Meter Energy Storage Systems (ESS). CPG works with our partners on strategically located, stand-alone ESS projects to address grid constraints and provide services to select grid networks in the Western United States. CPG has built a proprietary intelligence platform which includes GIS, technical and financial power market modeling capabilities. This along with our experienced services network facilitates rapid and efficient deployment of capital by investors in high-value utility-scale power projects.
About Goldman Sachs Asset Management
Goldman Sachs Asset Management is the primary investing area within Goldman Sachs (NYSE:GS), delivering investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals.
The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.
Goldman Sachs Asset Management is a leading investor across fixed income, liquidity, equity, alternatives and multi-asset solutions. Goldman Sachs oversees approximately $3.1 trillion in assets under supervision as of September 30, 2024. Follow us on LinkedIn.
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