Engie buys US firm Broad Reach's storage arm
Engie has agreed to buy the battery storage arm of US developer Broad Reach Power for $1bn from EnCap Energy Transition and its investment partners.
The deal includes 350MW of operational utility-scale batteries, 800MW under construction and 1.7GW of projects in advanced development. It does not include Broad Reach's 1.8GW portfolio of wind and solar projects, or 4GWh of battery storage capacity in the Mountain West region of the US.
EnCap's investment partners in Broad Reach Power are Apollo Infrastructure Funds, Mercuria Energy and Yorktown Partners.