US-based company Avantus has sold its Big Rock I energy storage project in California to Gore Street Energy Storage Fund (GSF) for an undisclosed sum.
Located in Imperial County, the 200MW energy storage system is expected to be one of the largest in the region after it becomes operational next year.
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It is intended to offer reliable power and provide resource adequacy and ancillary services to the California independent system operator (CAISO) market.
Construction works for the Big Rock I project are due to begin in the second half of this year.
Avantus founder and CEO Dr Tom Buttgenbach said: “Powering our future requires solutions like Big Rock I that are clean, low-cost, responsive and reliable any time of day or night.
“Now that we have the technology and economics in place to really unleash the potential of energy storage, we need to get to work deploying it in California and other places with vast amounts of existing renewable resources and help bolster grid stability for millions of people.
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By GlobalData“We are proud to partner with Gore Street, a leading operator of energy storage in Europe, to make this project a reality.”
Under the terms of the transaction, Avantus will continue to oversee the energy storage project’s development and construction.
The deal will combine Gore Street Capital’s operating and technical capabilities with Avantus’ technical and market experience.
It will be GSF’s first acquisition in California and the company’s largest in the US to date.
Gore Street Capital CEO Dr Alex O’Cinneide said: “This acquisition is an important milestone in increasing the size and diversification of our international portfolio.
“In acquiring Big Rock I, we are delighted to enter the CAISO grid, supporting California’s massive renewable energy market and broadening our presence in the US.
“We are proud to partner with an industry leader such as Avantus and look forward to continued collaboration.”
