EnCap Energy Transition announced that French multinational utility company ENGIE has agreed to acquire the battery-storage business of Houston-based Broad Reach Power from EnCap Energy Transition Fund I, its co-investment partners Yorktown Partners, Mercuria Energy and Apollo Infrastructure Funds for a total equity value in excess of $1 billion.
The sale to ENGIE includes 350 megawatts (MW) of grid-scale battery assets in operation and 880 MW under construction mainly in the Electric Reliability Council of Texas (ERCOT) territory, with commissioning expected before the end of 2024. The acquisition also includes a 1.7-gigawatt (GW) pipeline of battery-storage projects at an advanced stage of development and a significant pipeline of early stage projects. The first CAISO storage asset is expected to be operational in 2023.
The transaction does not include the company’s portfolio of 1.8GW of solar and wind power projects together with 4GW hours of battery storage in th