Engie has signed a binding agreement for the acquisition of Broad Reach Power, a US energy storage company, from private equity funds EnCap and Apollo.
The transaction involves 350MW of operating assets, as well as 880MW under construction assets with a commissioning expected before the end of 2024, 1.7GW of advanced stage projects and a significant pipeline of early stage projects.
The projects are located in Texas, California and the central states of the United States.
The acquisition will support the Engie’s goal of having 10GW of battery capacity globally by 2030.
Completion of the transaction is expected by the end of 2023, subject to the fulfilment of certain approvals from anti-trust and energy regulatory authorities.
Catherine MacGregor, Chief Executive Officer of Engie, said: “This acquisition is fully in line with Engie’s strategy: it will contribute to the development of a low-carbon, affordable and resilient energy system where flexible assets will play a critical role alongside renewables.”