Portfolio to participate in ISO-NE Wholesale Markets
Boston, MA – July 30, 2019 – ENGIE Storage today announced it will supply and operate a 19 MW/38 MWh portfolio of six energy storage sites that will contribute to the Solar Massachusetts Renewable Target Program and participate in ISO-New England wholesale markets. The combined solar and storage portfolio, developed and operated by Syncarpha Capital, LLC, a New York-based private equity firm, is the first utility-scale solar plus storage offering to benefit from ENGIE’s new integrated development, supply and services offering for wholesale market participation.
ENGIE Storage will provide Syncarpha a complete, turn-key GridSynergy® hardware and software solution, and will operate the storage system for 20 years. Further, under a Market Participation Agreement executed for each of the six energy storage sites, ENGIE Storage will pay fees in exchange for the rights to operate the solar and energy storage system in the ISO-NE wholesale capacity, reserves, and frequency regulation markets. This unique arrangement delivers substantial added contracted revenue for the projects while implementing ENGIE Storage’s market-leading energy storage sales platform for the long-term benefit of each of the six combined solar and storage sites.
“Syncarpha selected ENGIE Storage for the portfolio due to ENGIE’s sophisticated and integrated offer, leading software, operational experience, and bankability,” said Cliff Chapman, chief executive officer at Syncarpha. “Working with ENGIE creates incremental value for these assets in addition to the SMART program and meets the financial and risk requirements of tax equity investors and lenders.”
ENGIE Storage’s GridSynergy software platform, which has been fully integrated with the trading capabilities of recently acquired Genbright, will seamlessly ensure Investment Tax Credit and SMART program compliance while bidding and operating the energy storage systems in ISO-NE wholesale markets. Under its long-term service and operation contracts for the sites, ENGIE Storage is, in essence, guaranteeing SMART program revenues. The arrangement virtually eliminates storage project operational risk at the six battery storage sites.
“Syncarpha has extensive experience developing and operating solar assets in Massachusetts, said Christopher Tilley chief executive officer at ENGIE Storage. “They have been great to collaborate with on such a pioneering business model. Through this agreement we will be able to leverage our strengths to achieve a greater outcome for both parties. This announcement will be the first of many as ENGIE Storage is executing more than 100 MWh of solar and storage contracts with market participation agreements for the SMART program.”
The projects are expected to come online in late 2019 and early 2020.
About ENGIE Storage
ENGIE Storage helps power the world more efficiently and sustainably. As the United States’ number one distributed energy storage company, it serves energy producers, distributors, and consumers, including utilities, network operators, and energy consumers in business and government.
ENGIE Storage is part of ENGIE North America Inc., which manages a range of energy businesses in the U.S. and Canada, including electricity generation, cogeneration, and energy storage; retail natural gas and electricity sales, and comprehensive services that help customers run facilities more efficiently and optimize energy use and expense. Nearly 100 percent of the company’s power generation portfolio is low carbon or renewable. Globally, ENGIE is the largest independent power producer and a leading energy efficiency services provider in the world, with operations in 70 countries employing 160,000 people, including 1,100 researchers.
About Syncarpha Capital
Founded in 2009, Syncarpha Capital is a New York-based private equity firm dedicated to developing, acquiring, financing, owning and operating distributed- and utility-scale photovoltaic (PV) solar and other renewable energy systems across North America. Partnering with experienced developers, installers, engineers, and EPC contractors, and working closely with its customers, Syncarpha designs and builds on-site solar systems for municipalities, utilities, and businesses – as well as developing community shared solar solutions for consumers and commercial customers. Syncarpha currently owns and/or operates solar assets throughout the United States in nine (9) different states. To learn more about Syncarpha, please visit www.syncarpha.com and to learn more about Syncarpha’s community solar offerings, please visit www.syncarpha.solar.