Powin Energy has divested more than 110MWh of select energy storage project assets and contracted pipeline to esVolta, a newly launched company dedicated to develop, own and operate utility-scale energy storage projects across North America.
esVolta is supported by a long-term capital commitment from Blue Sky Alternative Investments and a procurement arrangement with Powin Energy.
The initial portfolio of operational and contracted pipeline projects of esVolta totals 116 MWh of capacity.
The projects in the Powin Energy and esVolta deal include PPA Grand Johanna, which is a 2 MW/9 MWh system in Irvine, California; Don Lee BESS, a 6.5 MW/26 MWh project is planned for an orange processing plant in Escondido, California; a 10 MW/40 MWh project that will be publicly announced at a later date.
The PPA Grand Johanna system has been operational since starting of this year in response to the Aliso Canyon gas leak.
The deal also includes Powin Energy Ontario Storage, an 8.8 MW/40.8 MWh system in Stratford, Ontario, which is expected to go online by the end of this year.
Powin Energy has agreed to be esVolta’s exclusive provider of energy storage systems through 2022.
Powin Energy president Geoffrey Brown said: “Powin Energy’s business plan has long had the vision of transitioning the company out of the project development business and into being a fully dedicated energy storage systems and services provider.
“This transaction is the realization of that plan and will enable the company to focus all of its efforts on delivering the best energy storage systems in the industry to our developer and utility customers.”
Randolph Mann is founding partner and CEO of esVolta, which was launched to grab growth opportunities in the energy storage sector.
Mann said: “We have received tremendous support from our financial sponsor Blue Sky and our technical partner Powin Energy, and as such we are well-positioned to pursue and execute on the tremendous growth potential in the North American energy storage sector.”