Energy & Power
SunEdison acquires energy storage from Solar Grid Storage
By Renée Francoeur
March 5, 2015 – SunEdison says it now offers battery storage solutions to complement solar and wind projects worldwide.
The company announced today it has acquired the energy storage project origination team, project pipeline, and four operating storage projects from Solar Grid Storage, subject to customary consents and assignments.
“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,” said SunEdison. Renewable generation-plus-storage has “proven to be a cost-effective way of integrating renewable energy” into the grid, said the company.
“Solar Grid Storage is unique in the storage industry in that we approach storage from a solar perspective. Understanding the core solar customer value proposition, as well as the ways that energy storage can add customer benefits and economic value to solar projects, enables us to deliver renewable energy projects that are more valuable for both customers and grid operators,” said Tom Leyden, CEO of Solar Grid Storage. “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.”
The move into energy storage follows SunEdison’s acquisition of First Wind.
Solar Grid Storage said it 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.
PHOTO: SunEdison becomes first renewable energy company to offer solar, wind, and energy storage (Photo PRNewsFoto/SunEdison Inc.)