Riverbank president and CEO John Douglas said this JV represents a much-needed catalyst to continue renewable power development in North America.

"The involvement of an experienced company like enXco underscores the critical nature of grid scale storage," said Douglas.

enXco president and CEO Tristan Grimbert said the company has spent a significant amount of time rigorously evaluating the North American market for pumped storage solutions.

"Establishing a partnership with Riverbank represents an opportunity to further develop the potential for energy storage," said Grimbert.

Riverbank Power is a developer of pumped storage and run-of-river hydroelectric assets.