ENGIE Storage will supply and operate a 19 MW / 38 MWh portfolio of six energy storage sites that will contribute to the Solar Massachusetts Renewable Target Program and be active in ISO-New England wholesale markets.
This combined solar and storage pipeline, which is developed and operated by New York-based private equity firm Syncarpha Capital, is the first utility-scale solar plus storage offering to benefit from ENGIE’s new integrated development, supply and services offering for wholesale market integration.
ENGIE Storage – known as Green Charge and Green Charge Networks prior to takeover by the European power group – will provide Syncarpha with a complete, turn-key GridSynergy hardware and software solution, and will operate the storage system for 20 years. In addition, a Market Participation Agreement signed for each of the six storage sites will see ENGIE Storage pay fees in exchange for the rights to operate the solar and energy storage system in the ISO-NE wholesale capacity, reserves, and frequency regulation markets.
Cliff Chapman, chief executive officer at Syncarpha, said: “Syncarpha selected ENGIE Storage for the portfolio due to ENGIE’s sophisticated and integrated offer, leading software, operational experience, and bankability. Working with ENGIE creates incremental value for these assets in addition to the SMART program and meets the financial and risk requirements of tax equity investors and lenders.”
ENGIE Storage’s GridSynergy software platform will ensure both Investment Tax Credit and SMART program compliance for these six storage sites. The projects are expected to come online in late 2019 and early 2020.
Christopher Tilley, chief executive officer at ENGIE Storage, added: “Syncarpha has extensive experience developing and operating solar assets in Massachusetts. They have been great to collaborate with on such a pioneering business model. Through this agreement we will be able to leverage our strengths to achieve a greater outcome for both parties. This announcement will be the first of many as ENGIE Storage is executing more than 100 MWh of solar and storage contracts with market participation agreements for the SMART program.”