ArcLight Capital Partners has invested $150m in a US battery storage development company it formed last year.
Elevate Renewables was formed to develop and install utility-scale, battery energy storage resources co-located with existing power infrastructure to advance the clean-energy transition.
Elevate is initially focused on developing battery storage projects that are co-located with ArcLight’s existing power infrastructure portfolio.
Dan Revers, a managing partner at ArcLight Capital, said: “We are excited to announce our commitment to Elevate Renewables to capitalise on what we feel are captive and advantaged brownfield development opportunities within our existing power infrastructure portfolio. ArcLight is one of the largest power producers in the US today, and this investment further builds upon and will benefit from our extensive track record within the power infrastructure and renewable infrastructure sectors.
“More broadly, we believe battery storage has the potential to be a transformative renewable resource to help drive decarbonisation. Especially when paired with power infrastructure, it can provide reliable and sustainable access to electricity.”
Eric Cherniss, the head of development at Elevate Renewables, said: “We are excited to partner with ArcLight Capital and to accelerate the development of this attractive extensive battery storage development pipeline.
“ArcLight has deep experience as a value-added partner, bringing specialised in-house resources that are instrumental to growth and success with partnerships in the renewable and transition infrastructure sectors.”
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