Greenbacker Renewable Energy Co. has purchased the rights to Rodeo Energy Storage, a 10 megawatt (MW) portfolio of 20 behind-the-meter energy-storage systems, which were developed and will be constructed and operated by Stem.
The acquisition is Greenbacker’s second in the vital and growing energy optimization sector, marking a further strategic expansion and enhancing the services it provides to power off-takers and consumers in California, while positioning the firm to increase shareholder value.
“Energy storage is a valuable innovation that will make renewable energy more practical and accessible to consumers,” said Charles Wheeler, CEO of Greenbacker. “Increasing our investments in the technology creates more value in the portfolio as a whole-value that we can pass along to our shareholders. Stem, an industry pioneer, has become a trusted partner as we grow into this new asset class.”
Each of the acquired systems will participate in California