Johnson Controls, the intelligent buildings and infrastructure group, has expanded the scope of an existing agreement to work with Con Edison on energy storage to now extend financing to customers who want solar and storage.
The company said last week that it and Con Ed have teamed up with Capital Dynamics, an "independent global asset management firm focusing on private assets including private equity, private credit, clean energy infrastructure and clean energy infrastructure credit", to offer easier ways for customers to access capital for solar-plus-storage projects.
Essentially, Johnson Controls will aggregate customers’ projects, signed up to power purchase agreements (PPAs) worth US$1 million or more, into a “larger portfolio of projects”. Johnson Controls exited the power business through which it was conducting its early business in the energy storage sector following a strategic review in late 2018.
However, at the same time, the company kept its hand in the market by creating a joint venture with Consolidated Edison to expand sales opportunities for its energy storage technologies which had been some years in development to that point. Focusing more since then on its building technologies business, Johnson Controls has also apparently brought some of its energy storage development work into the realm of Johnson Controls Building Technologies and Solutions business, which is known for thermostats, energy efficiency and other built environment control technologies and solutions.
"We are delighted to have entered into a long-term strategic partnership with Johnson Controls and expand our commercial and industrial platform. Johnson Controls is a leader in efficient energy solutions and integrated infrastructure and has a reputation for excellence," Capital Dynamics Managing Director Benoit Allehaut said.
Description of Capital Dynamics' business has been amended at request of the company, as an old description was still being used publicly and was originally picked up by the author.
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