ENGIE Storage announced it will supply and operate a 19MW/38MWh portfolio of six energy storage sites under the Solar Massachusetts Renewable Target (SMART) Program.
The combined solar and storage portfolio is being developed and operated by Syncarpha Capital, a US-based private equity firm.
The project marks the first utility-scale solar and storage facility to take advantage of new integrated development, supply and services offering from ENGIE.
Syncarpha chief executive officer Cliff Chapman said: “Syncarpha selected ENGIE Storage for the portfolio due to ENGIE’s sophisticated and integrated offer, leading software, operational experience, and bankability.
“Working with ENGIE creates incremental value for these assets in addition to the SMART program and meets the financial and risk requirements of tax equity investors and lenders.”
ENGIE Storage will provide GridSynergy solution and serve as operator for the project
ENGIE Storage said that it would provide Syncarpha a complete, turn-key GridSynergy hardware and software solution, and will operate the storage system for 20 years.
In addition, it would execute a market participation agreement for each of the six energy storage sites, to pay fees in exchange for the rights to operate the solar and energy storage system in the ISO-NE wholesale capacity, reserves, and frequency regulation markets.
The GridSynergy software platform has been fully integrated with the trading capabilities of recently acquired Genbright.
The solution also provides the investment tax credit and SMART program compliance while bidding and operating the energy storage systems in ISO-NE wholesale markets. The projects are expected to be completed in late 2019 and early 2020.
ENGIE Storage chief executive officer Christopher Tilley said: “Syncarpha has extensive experience developing and operating solar assets in Massachusetts. They have been great to collaborate with on such a pioneering business model.
“Through this agreement we will be able to leverage our strengths to achieve a greater outcome for both parties. This announcement will be the first of many as ENGIE Storage is executing more than 100MWh of solar and storage contracts with market participation agreements for the SMART program.”
