ArcLight buys 80MWh BESS developments in PJM market

LinkedIn
Twitter
Reddit
Facebook
Email

Private equity firm ArcLight Capital Partners has agreed to acquire 185MW of operational wind farms and 80MWh of battery energy storage system (BESS) developments from GlidePath Power Solutions.

ArcLight has entered into the agreement with Glidepath through its affiliate Sequitur Renewables. It will see the investment firm buy five wind farms in Pennsylvania and West Virginia which sell power and renewable energy credits into the merchant market of grid operator PJM.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Alongside the wind farms, Sequitur is acquiring 80MWh of BESS development opportunities it described as ‘adjunct’ to the wind portfolio, though it did not provide details on the expected completion date for the projects nor whether they intend to be co-located with the wind assets.

Co-location with wind is less common than for solar due to a higher minimum project size and the greater variability in wind generation requiring more cycling of a battery, reducing its lifetime.

PJM’s area of operation includes Pennsylvania, New Jersey, Maryland, Delaware, Ohio, Virginia, Kentucky, North Carolina, West Virginia, Indiana, Michigan, and Illinois.

“ArcLight is excited to re-enter the wind market through the establishment of the Sequitur platform. This platform follows prior domestic wind-focused investments in Leeward Renewables, Terra-Gen Power and CPV Wind,” said Carter Ward, partner at ArcLight.

Affiliates of the investment firm recently announced development milestones associated with the other large-scale BESS projects, which it has said its portfolio of legacy thermal plants are prime locations for. With interconnection queues one of the main challenges for new BESS projects, the existing interconnection, real estate and site infrastructure at large plants is advantageous.

One of those, Generation Bridge, recently completed interconnection studies for its 335MWh Long Beach Pier S BESS project in Long Beach, California. The 540MWh Luyster Creek BESS project in New York, developed by Eastern Generation, was recently approved by regulators.

“The Sequitur acquisition and BESS development opportunities leverage ArcLight’s core expertise in power generation, renewables and energy transition,” added Dan Revers, Managing Partner at ArcLight.

Another fossil fuel plant owner, Rise Light & Power, has similar plans for New York’s biggest power plant as Energy-Storage.news recently reported.

Milbank served as legal counsel on the transaction to ArcLight. McGuire Woods served as legal counsel on the transaction to GlidePath.

Read Next

December 4, 2024
A 300MW/600MWh battery energy storage system (BESS) developed by Ørsted will be co-located with its Hornsea 3 Offshore Wind Farm onshore substation.
December 3, 2024
New vanadium redox flow battery technology from Invinity Energy Systems makes it possible for renewables to replace conventional generation on the grid 24/7, the company has claimed.
December 3, 2024
Energy storage developer Pacific Green is eyeing a future grid-connected battery energy storage park in Wagga Wagga, New South Wales, Australia.
Premium
December 2, 2024
“The projects in Australia are at a scale that is that is not seen anywhere else in the world,” Wärtsilä’s Andy Tang tells Energy-Storage.news
November 27, 2024
State-owned energy company Synergy has completed construction of its 200MW/800MWh Kwinana battery BESS in Western Australia.

Most Popular

Email Newsletter