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

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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.

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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.

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.”

22 October 2024
New York, USA
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