Goldman Sachs-backed GridStor buys 2GWh of California projects from Upstream Energy

October 27, 2022
LinkedIn
Twitter
Reddit
Facebook
Email

New Goldman Sachs-backed developer GridStor has acquired a portfolio of in-development battery storage projects in LA, California, from Upstream Energy, totalling 500MW/2,000MWh.

The Portland-based grid-scale battery storage developer and operator announced the acquisition yesterday (26 October), saying the projects will come online between 2024 and 2026.

The units are located in urban areas in the greater Los Angeles or Los Angeles Basin area, near existing power lines and substations.

One online, they will provide capacity to utilities in the state to ensure power grid reliability amidst an increase in renewable energy penetration. In May, California achieved the milestone of a 100% renewables-powered grid for periods of the day.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

Not ready to commit yet?
  • 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

The energy storage units’ four-hour duration will allow them to provide power to utilities through the Resource Adequacy framework, grid operator CAISO’s programme to ensure there is enough power to meet demand, with a reserve margin. CAISO does not have centralised capacity auctions like in the UK.

GridStor was founded this year and has backing from Horizon Energy Storage, a fund managed by the Sustainable and Infrastructure Investing groups at Goldman Sachs Asset Management.

“California has urgent reliability needs, and battery storage is the best way to consistently incorporate clean energy onto the grid and curtail our dependence on fossil fuels,” said Chris Taylor, CEO of GridStor. “The large size and strategic locations of these new projects will position GridStor to become a major player in the California energy storage market as the transition to clean energy continues.”

Read Next

October 29, 2025
Hecate Grid, via a letter to the New York State Public Service Commission (NYPSC) has cancelled its 650MW Swiftsure battery energy storage system (BESS) in Staten Island, New York.
October 28, 2025
Eos announced its move to Pennsylvania, US, as well as agreements for energy storage projects with Talen Energy and MN8 Energy.
October 24, 2025
Energy Vault has acquired a 150MW battery energy storage system (BESS) in Texas. Meanwhile, Jupiter Power has entered an agreement with Austin Energy to provide 100MW of electricity from a BESS facility.
October 24, 2025
Redwood Materials has closed a US$350 million Series E funding round to scale up its critical battery materials and energy storage businesses.
Premium
October 24, 2025
San Diego Gas & Electric (SDG&E) is seeking regulatory approval to acquire an operational portion of a BESS facility located in Imperial County, California, from the US development arm of German multinational energy company RWE. 

Most Popular

Email Newsletter