ENGIE Partners with CBRE Investment Management to Develop 2.4 GW Battery Storage Portfolio in the U.S.

ENGIE and CBRE Investment Management Join Forces for Major Battery Storage Project

In a significant development for the renewable energy landscape, ENGIE North America has announced a strategic partnership with CBRE Investment Management aimed at creating a robust portfolio of battery storage assets. This collaboration marks one of the largest transactions in the U.S. battery storage market, with a focus on 2.4 gigawatts (GW) of storage capacity, strategically located across Texas and California.

The portfolio encompasses 31 battery storage projects, which are crucial for enhancing the electric grid's reliability in the Electric Reliability Council of Texas (ERCOT) and California Independent System Operator (CAISO) regions. Dave Carroll, Chief Renewables Officer at ENGIE North America, expressed enthusiasm for the partnership, emphasizing the significance of this deal in meeting the rising energy demands across the two states. According to Carroll, "The scale of this portfolio reflects ENGIE's commitments... and increasing the resilience of the ERCOT and CAISO grids."

The nature of this partnership allows ENGIE to maintain a controlling interest in the battery storage portfolio while actively managing and operating the assets. This strategy aligns with ENGIE's broader objectives in North America, where the company is striving to expand its renewable energy footprint, boasting over 11 GW of renewable production and storage already in operation or development.

The collaboration with CBRE Investment Management signals the confidence placed in ENGIE by a globally recognized investor. Robert Shaw, Managing Director at CBRE Investment Management, shared his excitement: "We are excited to partner with ENGIE on this high-quality, scaled battery storage portfolio with a strong operating track record. This investment reflects our proven strategy of investing in infrastructure 2.0 assets...".

Set against the backdrop of increasing emphasis on sustainable energy solutions, this partnership not only represents a significant financial undertaking but also aligns with the ongoing transitions towards decarbonization and digitalization of energy infrastructure. CBRE Investment Management's expertise as a leading global real assets investment management firm with over $149 billion in assets amplifies the potential success of this initiative.

As ENGIE pushes forward on its path to realization of a carbon-neutral economy, this deal is expected to recycle capital efficiently, presenting significant opportunities for future investments. Besides this current project, ENGIE continues to look for innovative ways to enhance its offerings in renewable energy solutions beyond traditional methods, paving the way for a more sustainable energy future.

This development reflects a growing trend where collaboration between established energy firms and investment management companies can lead to innovative solutions in energy storage, showcasing a model that could inspire future partnerships within the industry.

For further information about ENGIE North America's initiatives and their commitment to sustainable energy practices, you can visit their website or engage with them through their LinkedIn page. Their ongoing projects are set to play a pivotal role in the future landscape of renewable energy dynamics, particularly in addressing the demands of both Texas and California, states that are at the forefront of the energy transition.