Broad Reach Power owns an energy storage portfolio of 350MW in operation and 880MW in construction. Credit: petrmalinak/Shutterstock.com.

French utility company Engie has reached a deal, with an equity value of over $1bn, to purchase Texas-based battery energy storage firm Broad Reach Power.

The sellers were private equity firms EnCap and Apollo. This deal awaits clearances from anti-trust and energy regulatory agencies and is scheduled to close by the fourth quarter of this year.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Established in 2019, Broad Reach Power develops and operates clean energy and energy storage projects across Texas, California, and other markets in the US.

Apollo Funds bought a 50% interest in the company in December 2021.

As part of the transaction, Engie will now own 350MW of grid-scale battery assets in operation, along with 880MW under construction in the Electric Reliability Council of Texas (ERCOT) territory.

See Also:

These projects are expected to be commissioned by the end of next year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The deal also includes 1.7GW of storage projects in the pipeline, which are in the advanced stages of development, along with a pipeline of projects in the early phases of development.

It excludes the 1.8GW solar and wind projects portfolio, as well as 4GWh of battery storage in the Mountain West region of the US.

Engie CEO Catherine MacGregor said: “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.”

According to the French utility company, the purchase will help it to meet its 2030 target of reaching 10GW in global battery capacity.

It is also said to strengthen the company’s position as an energy transition ‘leader’ in the US, where it had 5GW in operation by the end of last year.