Improves Returns, Reduces Risk, and Enhances Bankability for Solar + Storage Projects
BOSTON–(BUSINESS WIRE)–#DER–ENGIE Storage today unveiled a new, highly-integrated supply and services offering for developers of in-front-of-the-meter (IFOM) solar and energy storage projects in New England and emerging markets. Comprising energy storage system design support, supply, operations, performance guarantees, and payments for rights to participate in ISO-New England wholesale markets, the offering dramatically improves project economics, reduces risk, and enhances bankability for solar + storage projects. ENGIE Storage is developing similar products for other wholesale power markets. ENGIE Storage’s first contract to deliver this offering is in connection with a 19 MW/38 MWh six-site portfolio of community solar and energy storage projects in Massachusetts, which was also announced today.
“ENGIE’s ambition is to lead the zero-carbon transition as a service for our customers, and here we’ve worked to create a compelling solution that brings to the table an unparalleled depth of capability and experience relevant to in-front-of-the meter energy storage development in Massachusetts,” said Christopher Tilley, chief executive officer at ENGIE Storage. “ENGIE is uniquely positioned to provide such an offering given the company’s experience operating assets and trading in ISO-NE, our recent acquisition of distributed energy power marketer Genbright, and our experience developing and operating energy storage assets including the largest IFOM solar + storage project operating in Holyoke, Massachusetts.”
“This product uniquely addresses the needs of the emerging energy storage market in Massachusetts and the ISO-NE territory, and should be attractive in other wholesale power markets as they open up to energy storage asset participation under Federal Energy Regulatory Commission Order 841,” continued Tilley. “We have had that belief validated through discussions with many of the leading solar developers in the region. We have more than 100 MWh of storage coupled with solar production facilities in the Solar Massachusetts Renewable Target Program under contract now, and we expect that volume to increase substantially within the next few years.”
Key features of ENGIE Storage’s wholesale market participation offering include:
- Development Services: ENGIE Storage will evaluate the feasibility and economics of energy storage co-location with a solar development project, advise on storage project design and integration with solar, and contribute technical support through the permitting and interconnection process.
- Equipment Supply: ENGIE Storage will provide complete integrated energy storage systems warranted by ENGIE for 20 years.
- Operations and Maintenance: ENGIE Storage will deploy its GridSynergy® software platform to operate and dispatch storage systems, and will provide ongoing maintenance and warranty service.
- Performance Guarantees: ENGIE Storage will guarantee the energy storage system’s compliance with Solar Massachusetts Renewable Target Program and Investment Tax Credit charging requirements, backed by liquidated damages for failure to perform.
- Market Participation Fees: ENGIE Storage will pay fixed-price fees to the project owner, either up-front or annually, for the rights to participate with the storage systems in wholesale electricity markets.
For more information about ENGIE Storage’s Wholesale Market Participation Offering please visit: https://www.engiestorage.com/solar-developers-contact.
About ENGIE Storage Services NA LLC
ENGIE Storage helps power the world more efficiently and sustainably. As the United States’ number one distributed energy storage company, it serves energy producers, distributors, and consumers, including utilities, network operators, and energy consumers in business and government. Visit www.engiestorage.com to learn more.
ENGIE Storage is part of ENGIE North America Inc., which offers a range of capabilities in the U.S. and Canada to help customers decarbonize, decentralize, and digitalize their operations. These include clean electricity generation, cogeneration, and energy storage; retail energy supply that includes renewable, demand response, and on-bill financing options, and comprehensive services that help customers run facilities more efficiently and optimize energy use and expense. Nearly 100 percent of the company’s power generation portfolio is low carbon or renewable. Globally, ENGIE is the largest independent power producer and a leading energy efficiency services provider in the world, employing 160,000 people. For more information on ENGIE North America, please visit our Instagram, LinkedIn, Twitter, or Facebook pages or the www.engie.com and www.engie-na.com web sites.