Greenbacker Acquires Energy Storage System Portfolio From Stem

Greenbacker Renewable Energy has purchased the rights to a 7.9MW /16.5MWh portfolio of 16 operating and to-be-constructed energy storage systems from Stem

Greenbacker Renewable Energy Company has announced that on June 9, 2020, through a wholly-owned subsidiary, it purchased the rights to Pacifica Storage LLC, a 7.9MW / 16.5MWh portfolio of sixteen operating and to-be-constructed behind-the-meter energy storage systems from Stem, Inc., a global leader in artificial intelligence (AI)-driven energy storage services.

The acquisition marks Greenbacker’s initial strategic expansion into the energy optimisation sector, enhancing the services it provides to power off-takers and consumers in California and positioning the firm to increase value for its shareholders.

“Expanding into energy storage is a logical next step in our acquisition strategy,” said Charles Wheeler, CEO of Greenbacker. “Maximising energy efficiency dovetails perfectly with our core mission of driving returns for shareholders by investing in renewable energy infrastructure since it allows us to not only reduce carbon emissions through sustainable energy technologies but enables off-takers to manage their energy costs by reducing their need to draw electricity from the grid during periods of peak demand when prices are typically higher.

“We look forward to creating additional value for our shareholders and energy customers through this expanded approach. It has been a pleasure working with Stem, a pioneer in the industry, and we will continue to seek opportunities to expand Greenbacker’s presence in this new asset class.”

Each of the acquired systems will participate in California’s Self Generation Incentive Program, which seeks to drive progress toward a cleaner, distributed-energy future by offering rebates for installing energy storage technology at both residential and non-residential facilities. The systems will serve customers across the state. The portfolio is expected to be fully operational in Q2 2021.

“We are excited to add Greenbacker as a financing partner in the fast-growing energy storage market, particularly in California,” said John Carrington, CEO of Stem. “Greenbacker represents another new partner for Stem as we look to expand our operating partnerships and increase the deployment of our market-leading Athena™ AI platform which provides the intelligence and real-time decision making required to optimise the storage system to reduce energy charges for customers.  We look forward to additional partnership opportunities with the Greenbacker team as they build out their storage portfolio.”

With the acquisition of Pacifica Storage, Greenbacker will own approximately 552.6 MW of generating capacity (including assets that are to be constructed), comprising 340.1 MW of utility-scale and distributed solar facilities, 192.6 MW of wind facilities, 12 MW of biomass facilities, and 7.9 MW of battery storage.