New Hampshire-based developer Granite Source Power (GSP) co-founder Jessica Shor disclosed to Energy-Storage.news that approximately 80% of the company’s 1,250MW sale would be in Texas’ ERCOT market.
GSP announced the sale of nearly 1,250MW of standalone battery energy storage system (BESS) projects last week (5 December).
The 1,250MW of storage projects were sold individually through separate purchase and sale agreements with undisclosed buyers across ERCOT, SPP and ISONE, with commercial operation dates (CODs) ranging from 2025-2027.
Shor told Energy-Storage.news that the projects are at various stages of development, stating “The earliest stage projects are still in the early stages of their respective interconnection queue processes, and the most advanced are fully permitted with [generator interconnection agreements] GIAs in place.”
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Expanding on the deals, the co-founder added “In some cases the buyers are taking over all outstanding development activities, and in other cases Granite Source Power remains involved supporting or managing development through [notice to proceed] NTP, highlighting our in-house development capabilities and flexibility in partnering with buyers to ensure project success.”
Shor stated, “About 80% of the MWhs are in ERCOT and the remaining 20% are in SPP and ISONE. The majority of GSP’s pipeline remains in ERCOT, but our siting in the last year has increasingly focused on other RTOs and the majority of our new pipeline in 2024 was in NYISO, SPP, and ISONE.”
“The buyers are all [independent power producers] IPPs, some primarily focused on battery storage and some with broader pipelines that span BESS and renewable generation.”
GSP teamed with New Hampshire-based financial institution New Energy Capital (NEC) on the sale.
The BESS developer secured US$40 million in capital from NEC for renewable and battery storage developments in June 2023.
Energy-Storage.news spoke with Jessica Shor previously in July 2023, about the company’s sale of a 2GW ERCOT pipeline.
Shor expanded on GSP’s process for selecting projects, “We set up Granite Source Power because we found a lot of development shops that previously sold projects were either holding onto projects to build and operate themselves or sell as part of a platform transaction. We expect to sell project by project, although obviously prefer repeat business.”
