Blackstone and Foss & Company have completed transferability investment tax credit (ITC) deals for BESS projects in California and Texas, a market which has grown “faster than anyone expected” according to tax credit ecosystem Crux.

This week’s Friday Briefing is largely concerned with the UK’s current period of low revenues for battery storage and how the market can move forward.

The Public Utility Commission of Texas has ordered the state’s grid operator ERCOT to rescind state-of-charge (SOC) rules requiring batteries to hold additional capacity to provide ancillary services.

Battery storage developer and operator Spearmint Energy has brought its first major project online in the ERCOT, Texas market.

Developer-operators Jupiter Power and On.Energy have secured a combined c.US$100 million in project financing for standalone battery energy storage system (BESS) projects in the ERCOT, Texas market.

Utility and IPP Engie has commissioned a 100MW/100MWh battery energy storage system (BESS) while Gore Street has enlisted Nidec as EPC partner for a 75MW project, both in the ERCOT, Texas market.

Investors SUSI Partners and SMT Energy have added 10 BESS projects in the ERCOT, Texas market, building on an already-operational 100MW portfolio in the state.

The US’ cumulative battery storage installations reached 14.689GW at the end of Q3 2023, with Texas’ ERCOT market contributing 40% of new additions during the quarter.

Aypa Power has secured a portfolio debt and tax equity financing package totalling US$550 million for two battery energy storage system (BESS) projects in California and Texas.

Amendments to rules for battery storage state-of-charge (SOC) in the ERCOT, Texas, market are ‘an improvement’ to the current ones but will still impact the ability of batteries to provide ancillary services, Gridmatic has said.