Independent global private asset management Capital Dynamics and S&B USA Energy are to acquire the operational 100MW Saticoy energy storage project in the US state of California for an undisclosed price.
Capital Dynamics is acquiring 51% and S&B USA Energy 49% of the facility in Ventura County, which was initially developed by Strata Clean Energy.
S&B Energy chief executive Allon Raveh said: “Energy storage will play a major role in the penetration of renewable energy generation, therefore this project is much more than an attractive investment opportunity for us.
“With this project and our Beacon 2 and 5 solar assets, we are pleased to be at the forefront of California’s efforts to decarbonise.”
S&B USA Energy president Kevin Yaich said: “I’m looking forward to acquiring our first US standalone battery storage project and partnering with Capital Dynamics on the transaction.
“We are excited to be involved in an industry as nascent and disruptive as energy storage.”
Capital Dynamics head of clean energy infrastructure John Breckenridge said: “We are pleased to partner once again with the S&B infrastructure team on the Saticoy Energy Storage co-investment.
“We appreciate S&B’s trust and collaboration as we transform the North American energy landscape.”
CohnReznick Capital served as financial adviser to Capital Dynamics, and Norton Rose Fulbright served as legal advisor to Shikun & Binui.