EnSync Energy Systems, formerly known as ZBB Energy, announced on Monday the sale of multiple PPAs, including the first solar-plus-storage projects sold in Hawaii.
The portfolio of PPAs have been sold to AEP OnSite Partners, an American Electric Power subsidiary for an undisclosed amount.
Three of the five portfolio projects include Ensync Energy behind-the-meter storage with its Agile Hybrid Storage, and Ensync Energy’s Matrix Energy Management systems. The latter prioritises real time electricity from the grid, from solar’s variable generation and energy storage systems.
The PPAs are intended for larger commercial users such as universities or condo associations in Oahu and Hawaii.
As well as proving the battery solution for the projects, EnSync will provide ongoing project services through a contract with AEP.
"We're very pleased to complete this transaction with AEP OnSite Partners, a recognized leader in renewable energy investments," said Brad Hansen, president and CEO of EnSync Energy, in a statement. "Our project execution on this portfolio has been outstanding and this sale, which could be the first of its kind in the renewable energy market, provides validation of our PPA business model. When we entered the Hawaiian market with our PPA business model featuring leading energy management and energy storage systems, it was novel and unique in the islands. Since that time our pipeline and backlog of PPAs has continued to build and we look forward to continuing this growth over the coming quarters and years."
EnSync has developed a significant project pipeline in Hawaii, where electricity prices are among the highest in the US, through its subsidiary company, Holu Energy. EnSync’s Matrix Management System is the company’s alternative to relying on Hawaii’s grid where electricity is less reliable. The system leverages a variety of energy sources, including stored energy and renewables, to help combat the reliability issue.
EnSync and Holu Energy have been working on breaking ground on a solar-plus-storage project in Hawaii since October 2015 when the pair worked on a distributed generation system in a multi-tenant building that incorporated solar and storage with a PPA.
The first solar-plus-storage PPA is a great step for Hawaii, which has one of the most aggressive renewable portfolio standards in the US with a goal to be 100% renewable by 2045.