GridStor, a developer and operator of utility-scale battery energy storage systems, announced that it has acquired a 100 MW / 400 MWh battery storage project in Arizona from Capacity Power Group (CPG).
GridStor’s acquisition and plan to construct battery storage in Arizona comes during a critical time for the region. Rising power demand from residential and large industrial customers is rapidly increasing the volume of new capacity that Arizona’s electric utilities project they will need.
“Battery storage is a scalable and near-term solution to powering historic load growth in Arizona,” said Chris Taylor, CEO of GridStor. “Every day, batteries across the state are consistently providing energy to stabilize the power system and meet hours of greatest demand. This acquisition demonstrates GridStor’s commitment to supporting Arizona to meet the growing power needs of its residents and businesses.”
“CPG is committed to implementing energy storage projects across the United States,” said Charly Bray, Principal at Capacity Power Group. “We’re excited to work together with GridStor to build reliable energy solutions that provide affordable clean capacity to the electrical grid.”
The successful close of the project marks GridStor’s third acquisition over the past year.
GridStor develops and operates battery facilities directly integrated with American power infrastructure, storing electricity to deliver when it is most needed. GridStor is backed by Goldman Sachs Asset Management and comprises a team of seasoned energy professionals with a record of past accomplishments in energy storage and clean energy project acquisition, development, finance and operations. GridStor’s target markets include regions with rapidly growing energy demand and increasing need for grid reliability.
