SunEdison,
Inc. SUNE, the world's largest renewable energy development company,
and Solar Grid Storage LLC, a leader in deploying combined energy storage and
solar PV systems, today announced that SunEdison has acquired the energy
storage project origination team, project pipeline, and subject to customary
consents and assignments, four operating storage projects from Solar Grid
Storage. SunEdison now offers battery storage solutions to complement solar
and wind projects worldwide, providing solutions that can benefit utilities,
municipalities, businesses, and consumers alike.
SunEdison becomes first renewable energy company to offer solar, wind, and
energy storage
"Storage is a perfect complement to our business model and to our wind and
solar expertise," said 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."
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.
"Solar Grid Storage is unique in the storage industry in that we approach
storage from a solar perspective. Understanding the core solar customer value
proposition, as well as the ways that energy storage can add customer benefits
and economic value to solar projects, enables us to deliver renewable energy
projects that are more valuable for both customers and grid operators,"
said Tom Leyden, Chief Executive Officer of Solar Grid Storage. "Becoming a
part of SunEdison, a renewable energy market leader with a strong pipeline of
customers and development projects, positions us incredibly well to accelerate
our growth and integrate energy storage with renewables to help create the
electricity grid of the future."
The move into energy storage follows SunEdison's successful acquisition of
First Wind. With 5 gigawatts of solar and wind assets under management around
the globe, the company expects to realize significant synergies and
opportunities for growth by integrating energy storage into its global
finance, project development, and asset ownership platform. Solar Grid Storage
will integrate its solar-plus-storage control services with the SunEdison
Renewable Operation Center, enabling global 24/7 asset management, monitoring
and reporting services for energy storage assets.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: NewsPress Releases
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in