The Energy Storage Report 2024

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New developer Proteus Power eyes 3GW-plus renewables and energy storage pipeline in North America

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Recently-formed company Proteus Power plans to develop and build over 3GW of solar, wind and battery energy storage projects in North America.

The company recently set up its US headquarters in The Woodlands, Texas, and has a target pipeline totalling 5,250GWh of energy capacity and 3GW of power. It formed in October 2021.

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Proteus is backed by investor Pelion Green Future and is currently evaluating over 30 renewable projects in its initial target areas of Texas, Arizona, Nevada, Utah, Colorado, New Mexico and Alberta, Canada. It has started with three solar projects in Alberta with a total capacity of 234 MW, co-located with 97 MW of battery storage.

According to Proteus’ website, the first, a 30MW standalone PV site, is set to come online in Q4 2023. The project rights were secured through the acquisition of the original developer, Eco Renewables, announced in May 2022.

The second, a 24MW PV/10MW BESS site, will come online in Q3 2024. The third and largest, with 180MW of PV and a 75MW BESS, will enter operations in 2025.

Proteus said its strategy hinges on developing “exceptional assets that will allow the company and its partners to invest in bankable renewable energy projects that are strategically placed to secure long-term power purchase agreements (PPAs) with corporate or industrial purchasers.” The company will manage the entire project value chain.

“We have assembled a tremendous team with an invaluable network and expertise and are very excited to partner with Pelion Green Future to deliver an excellent portfolio of renewable energy projects”, said Mike Lambros, founder and CEO of Proteus.

Its CEO, COO and chief development officer have a combined 70-plus years of cumulative experience in project development finance totalling US$7.1 billion in transactions.

Pelion Green Future owns several companies active in renewable energy project development and optimisation, and Proteus lists (amongst several others) battery storage optimisation and trading platform Entrix as an affiliated company.

Alberta has been something of a hotbed of solar-plus-storage activity this year. In June, developer Westbridge added another co-located project with a 100MW BESS to its portfolio in the state.

In March, Greengate Power Corporation announced three co-located projects that will add 300MW of battery storage to the state’s grid. The month prior, vanadium flow battery company Invinity bagged an 8MWh order for a co-located project.

And in a less common form of hybridisation, Power Company TransAlta announced plans to pair a BESS with a hydroelectric plant in January.

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