Engie Acquiring Texas-based power storage firm
- August 24, 2023
- Posted by: Quatro Strategies
- Categories: ESG & Renewable Energy, Europe, EVs & Battery Technology, United States
French utility company Engie has announced its acquisition of full ownership of Broad Reach Power, a power storage company based in Houston, Texas. This move is part of Engie’s broader strategy to expand its global battery infrastructure capabilities.
The acquisition deal involves assets that are currently in operation with a combined capacity of 350 megawatts. Additionally, there are ongoing projects under construction that amount to 880 megawatts, as well as projects in an advanced project stage that collectively reach 1.7 gigawatts.
The transaction is set to be finalized in the fourth quarter of this year, and specific financial details have not been disclosed at this time. This acquisition underscores Engie’s commitment to strengthening its presence in the energy storage sector and aligns with the broader trend of companies investing in renewable energy and energy storage technologies to meet sustainability goals and adapt to changing energy landscapes.
“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.” Engie CEO Catherine MacGregor said
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