The US subsidiary of the French energy group Engie has announced a partnership with funds managed by CBRE Investment Management (CBRE IM) on a 2.4 GW portfolio of BESS assets in the US states of Texas and California. The portfolio consists of 31 projects in operation in Electric Reliability Council of Texas (ERCOT) and California Independent System Operator (CAISO) territories. Engie will hold the controlling share in the portfolio and will continue to operate and manage the assets.
Engie has over 11 GW of renewable production and battery storage in operation or construction in North America. The group seeks to grow its presence within the battery storage space to accelerate the transition towards a carbon-neutral economy.
CBRE Investment Management is a leading global real assets investment management firm with $149bn in assets under management, operating in 20 countries around the world.