TEXAS BATTERY STORAGE BUSINESS BOUGHT BY UK-BASED CONGLOMERATE

NGIE has agreed to buy the battery storage business of Houston-based Broad Reach Power from its co-investment partners Yorktown Partners, Mercuria Energy, and Appollo Infrastructure Funds. The total equity value of the transaction, which includes 350 MW of grid-scale battery assets in operation and 880 MW under construction, is expected to exceed $1 billion. A majority of the portfolio is located in ERCOT. The acquisition also includes a 1.7 GW pipeline of battery storage projects at an advanced stage of development and a significant pipeline of early-stage projects.

The transaction does not include the company’s portfolio of 1.8 GW of solar and wind power projects together with 4 GWh of battery storage in the Mountain West region of the U.S.

Founded in 2019 with backing from EnCap Energy Transition, Broad Roach Power sold a 50% stake in the company to Apollo Funds in Dec. 2021. Active in the UK energy market for over 20 years, the ENGIE Headquarters are based in Leeds, West Yorkshire, UK. ENGIE is a global energy player with UK investments in renewable energy and storage, whilst supplying gas and electric energy to organisations of all sizes. The company is committed to increasing investment in a portfolio of both flexible and responsive low carbon assets, including energy storage, wind and solar.

By 2025 ENGIE has committed to achieve 50GW of installed renewable capacity and 80GW by 2030. Globally, the ENGIE Group employs 100,000 people. In 2020 the group achieved revenues of €55.8 billion, whilst spending €190 million on research and development. The company also installed an additional 3GW of renewable capacity.

Together, ENGIE Group’s 1,000 employees in the UK are actively engaged in the transition to net zero carbon, through the operation of low carbon infrastructure, and helping business customers to reduce energy consumption, and green their supply. The company says it is also shaping the future of responsible business by reconciling economic performance with a positive impact on people and the planet.