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ENGIE acquires Broad Reach Power

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Energy Global,


ENGIE has signed a binding agreement for the acquisition of 100% of Broad Reach Power, a company specialised in battery storage and based in Houston, from private equity funds EnCap and Apollo.

The transaction involves 350 MW of operating assets, as well as 880 MW under construction assets with a commissioning expected before the end of 2024, 1.7 GW of advanced stage projects and a significant pipeline of early stage projects. The projects are located in Texas, California and the central states of the US. Broad Reach Power skills, tools and teams are the perfect fit, in and outside the US, with ENGIE’s integrated model.

The acquisition will support the group's goal of having 10 GW of battery capacity globally by 2030. It will also strengthen ENGIE's position as a leader in the energy transition in the US, where the group already has significant positions through its renewable assets (5 GW in operation at the end of 2022), battery storage, and its energy management platform. The development of these projects will respond to the strong need for flexibility generated by the growth of the share of renewable energies in the energy mix and will increase ENGIE capacity to provide 24/7 decarbonised electricity to customers.

Completion of the transaction is expected by 4Q23, subject to the fulfilment of certain approvals from anti-trust and energy regulatory authorities.

Catherine MacGregor, CEO, of ENGIE, 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.”

 

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Summer 2023 issue

The Summer 2023 issue of Energy Global hosts an array of technical articles focusing on alternative fuels, battery storage solutions, solar optimisation, and more. This issue also features a regional report on the recent developments in the European renewables market.

Read the article online at: https://www.energyglobal.com/energy-storage/25082023/engie-acquires-broad-reach-power/

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