SunEdison Inc. has acquired the energy storage business of Solar Grid Storage LLC, to complement its renewable energy portfolio of solar and wind projects.
Financial details were not disclosed. Solar Grid Storage has developed a model for adding batteries to commercial photovoltaic installations while lowering costs and introducing new benefits
SunEdison 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 said the acquisition means it can offer battery storage solutions to complement solar and wind projects, providing solutions that can benefit utilities, municipalities, businesses, and consumers alike.
“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.”
Renewable generation-plus-storage has proven to be a cost-effective way of integrating renewable energy such as solar and wind into the grid, the company said. 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.