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

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

September 2, 2025
Energy-Storage.news speaks with Karina Hershberg, Associate Principal at engineering firm PAE Engineers, on integrating microgrids with sustainable building design.
September 2, 2025
Katherine Hutton, product manager of cybersecurity at Fluence, discusses why cybersecurity is critical for battery storage systems and how to navigate this increasingly complex area.
Premium
August 28, 2025
Energy-Storage.news Premium speaks with Sergio Melendez, storage sector manager at CAISO, and Ali Karimian, market optimisation director at GridBeyond, about regulating Bid Cost Recovery Payments in the California Independent System Operator market.
August 28, 2025
California utility Pacific Gas and Electric (PG&E) has pushed back recommissioning of the Elkhorn battery energy storage system (BESS) by approximately one year, to 30 June 2026.
Premium
August 27, 2025
Following in the footsteps of several other US jurisdictions this year, officials at California’s Orange County are one step closer to amending zoning laws to allow the development of BESS. 

Most Popular

Email Newsletter