SunEdison adds storage to its portfolio
US renewable energy major ups offering through acquisition of Solar Grid Storage.
SunEdison has continued on the acquisition trail with the takeover of compatriot company, Solar Grid Storage.
The move, which follows the recent successful purchase of First Wind, means that the US developer now offers battery storage solutions to complement solar and wind projects worldwide.
In a statement SunEdison did not disclose the value of the deal which includes the energy storage project origination team, project pipeline, and subject to customary consents and assignments, four operating storage projects from Solar Grid Storage, the company said in a statement.
"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."
The growth in the energy storage market is being driven by commercial and municipal customers who are interested in both immediate energy savings from solar and emergency back-up power from storage, and by electricity grid operators, who place a high value on storage for its ability to make the grid more resilient and less susceptible to failure, it added.
Renewable generation-plus-storage has proven to be a cost-effective way of integrating renewable energy such as solar and wind into the grid.
Tom Leyden, Chief Executive Officer of Solar Grid Storage, said: "Becoming a part of SunEdison, a renewable energy market leader with a strong pipeline of customers and development projects, positions us incredibly well to accelerate our growth and integrate energy storage with renewables to help create the electricity grid of the future."
With 5 gigawatts of solar and wind assets under management around the globe, SunEdison expects to realise significant synergies and opportunities for growth by integrating energy storage into its global finance, project development, and asset ownership platform, the statement said.
Solar Grid Storage will integrate its solar-plus-storage control services with the SunEdison Renewable Operation Center, enabling global 24/7 asset management, monitoring and reporting services for energy storage assets.