The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

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


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.

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

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
Returning for its 11th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.

Read Next

April 15, 2024
US utility Dominion Energy is seeking proposals for solar, wind and energy storage projects in the state of Virginia.
April 12, 2024
Norwegian oil and gas firm Equinor has launched its first US BESS projects via 2022 acquisition East Point Energy, with its trading arm Danske Commodities charged with ensuring project returns.
April 11, 2024
Virtual power plants (VPPs) in California using technologies including home batteries and demand response (DR) could provide 7.5GW of capacity in ten years’ time, 15% of peak demand, analysis from consultancy the Brattle Group shows.
April 9, 2024
A second life energy storage assembly plant has opened in Germany, amidst a rapid fall in battery prices which could threaten the economics of repurposing EV batteries into stationary units.
April 8, 2024
US-based startups Torus and Alysm Energy have raised a combined US$145 million to scale up their non-lithium energy storage technology businesses.

Most Popular

Email Newsletter