Fresh off its acquisition of First Wind, SunEdison has purchased the assets and project pipeline of Philadelphia-based Solar Grid Storage.
The deal is effective immediately. A purchase price was not disclosed.
According to SunEdison, the deal allows the company to offer battery storage solutions to complement solar and wind projects, providing solutions that can benefit utilities, municipalities, businesses and consumers.
‘Storage is a perfect complement to our business model and to our wind and solar expertise,’ says Tim Derrick, general manager of SunEdison Advanced Solutions. ‘Our strategy is to increase the value of the solar and wind projects that we finance, develop, own and operate by improving their availability and ability to interact with the grid. With this acquisition, we have added the capability to pair energy storage with solar and wind projects, thereby creating more valuable projects and positioning ourselves as a leader in the rapidly growing energy storage market.’
SunEdison says the growth in the energy storage market is being driven by commercial and municipal customers, who are interested in both immediate energy savings from solar and emergency back-up power from storage, and by electricity grid operators, who place a high value on storage for its ability to make the grid more resilient and less susceptible to failure. Renewable generation-plus-storage has proven to be a cost-effective way of integrating renewable energy, such as solar and wind, into the grid.
For further information on how energy storage can be integrated with renewable energy to create more resilient electricity grids, visit the Hybrid Energy Innovations event website.