Powin Energy sells 110 MWh of storage projects to esVolta
- Storage system manufacturer Powin Energy Corp. announced yesterday it has sold over 110 MWh of project assets and contracted pipeline to esVolta, which recently received funding from Blue Sky Alternative Investments LLC to accelerate its growth.
- The assets include storage projects in California designed to alleviate gas shortages and reliability issues resulting from the Aliso Canyon gas leak.
- Details on the largest asset included in the sale will be released later: it is a 10 MW/40 MWh project that has yet to be publicly announced.
Powin Energy says the sale of the energy storage projects will allow it to continue its focus on development of large battery projects, while esVolta and Blue Sky expand their portfolios. As part of the deal, Powin Energy will be esVolta’s exclusive provider of energy storage systems through 2022.
“Powin Energy’s business plan has long had the vision of transitioning the company out of the project development business and into being a fully dedicated energy storage systems and services provider,” Powin President Geoffrey Brown said in a statement.
Brown added that esVolta and Blue Sky’s commitment to developing energy storage projects with Powin's projects "is strong validation of our technology."
The major projects included in the deal include PPA Grand Johanna, which is a 2 MW/9 MWh system in Irvine, Calif., that has been operational since the beginning of this year in response to the Aliso Canyon gas leak. The project is contracted with Southern California Edison.
The Don Lee BESS is a 6.5 MW/26 MWh project is planned for an orange processing facility in Escondido, Calif. The development-stage project is under contract with San Diego Gas & Electric. Once commercial operation begins, Powin will include a 50% stake in its 8.8 MW/40.8 MWh system in Stratford, Ontario that is under contract with Ontario IESO. The system is expected to go online by the end of 2017 and will be the largest battery storage facility in Canada. Details on a 10 MW/40 MWh project will be announced later.
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