Leading ERCOT standalone storage developer to invest more than $100 million in recently acquired projects, expects to have a total of 100 megawatts of battery storage online in the state by year-end and 350 megawatts online in 2021
HOUSTON – September 15, 2020 – Broad Reach Power (“Broad Reach”), an independent power producer (IPP) based in Houston with more than five gigawatts of standalone storage projects in its pipeline, announced today announced that it has begun construction on two 100 megawatt (MW) greenfield battery storage projects. The new assets further expand the company’s rapidly growing portfolio of greenfield and acquired projects and establish Broad Reach, which expects to have 100 megawatts of battery storage online in Texas by the end of 2020 and a total of 350 MW online in the state next year, as the leading owner of standalone storage projects in the ERCOT interconnection queue.
“The grid in Texas is continuing to transform rapidly with the addition of more wind and solar generation. While these resources are desirable because they reduce costs and emissions, they add more variation and risk to an already challenging real-time balancing goal,” said Broad Reach Power Managing Partner and Chief Executive Officer Steve Vavrik, whose company owns utility scale solar and energy storage power projects. “This problem will compound as both renewable penetration and power demand increase. Deploying more energy storage systems like our units operating in Odessa and the Houston area will strengthen the grid’s reliability.”
Broad Reach plans to invest more than $100 million in the two recently acquired projects located in Mason and Williamson counties in Texas. Once online in 2021, the plants will operate alongside Broad Reach’s expanding portfolio of utility-scale battery storage plants in Texas near Houston and Odessa.
Broad Reach has additional plans to expand its storage portfolio in Texas, including several more large endeavors. The company is also replicating its successful dual greenfield and acquisition approach in California, Montana and other western markets where the company has over 700 MW of projects with signed interconnection agreements.
“Broad Reach’s tremendous and rapid growth since we backed them in September of 2019 is a testament to what a seasoned team can do with the support of highly experienced renewable energy investors like EnCap and Yorktown, and the compelling opportunity set we see in this rapidly evolving marketplace,” said EnCap Energy Transition Managing Partner Shawn Cumberland.
About Broad Reach Power
Broad Reach Power is a utility-scale storage independent power producer (IPP) based in Houston backed by leading energy investors EnCap Investments L.P., Yorktown Partners, and Mercuria Energy. The company owns a five gigawatt portfolio of utility scale solar and energy storage power projects in Montana, California, South Dakota and Texas which give utilities, generators and customers access to technological insight and tools for managing merchant power risk so they can better match supply and demand. Broad Reach is led by a team comprised of solar, wind, and storage experts who have delivered more than four gigawatts of projects and have a combined 80 years of experience in the field. For more information about the company, visit www.broadreachpower.com.
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