1. Gridstor is backed by Goldman Sachs Asset Management and recently acquired the Goleta project in California.
2. Construction on the Evelyn project, a 2-hour duration Li-ion BESS project, is expected to begin this summer in Texas.
3. Gridstor is focusing on entering the ERCOT market in Texas, where the energy-only market has led to a growing interest in energy storage assets.
Gridstor, backed by Goldman Sachs Asset Management, recently acquired a 2-hour duration lithium-ion BESS project called Evelyn in Santa Barbara, California. The project is set to connect to an existing substation operated by Texas New Mexico Power in order to quickly join the ERCOT market, taking advantage of Texas’ high energy demand.
ERCOT’s energy-only market has attracted investors in merchant energy storage assets, with Texas leading in new utility-scale battery storage facilities. The Evelyn project has already started engineering and procurement work with top suppliers and contractors.
In California, Gridstor closed a tax credit sale with JP Morgan for its Goleta project, which is 60MW/160MWh and is oversized to meet a long-term contract with Southern California Edison. This project was also financed through a debt deal with NORD/LB and Mitsubishi HC Capital America.
Gridstor also acquired a pipeline of BESS projects in Los Angeles and Goldman Sachs has investments in other energy storage technologies like advanced compressed air energy storage. Solar Media will host the Energy Storage Summit in March 2024 in Austin, Texas, focusing on accelerating the energy storage market nationwide.