Greenbacker acquires California storage project from SunCode

Renewable energy asset manager Greenbacker Capital Management (GCM), through an affiliated investment vehicle, has acquired a to-be-constructed battery energy storage system (BESS) project in Imperial County, California from SunCode LLC. 

With a total power capacity of 30 MW and the ability to store up to 120 MWh of energy, the Holtville BESS project is now the largest standalone battery storage asset in GCM’s clean energy fleet.

Holtville’s capacity represents enough energy to power approximately 4119 homes for a 24-hour period, on average, Greenbacker said.

The project has a long-term power purchase agreement in place with an “investment-grade utility”, a statement said. It is expected to enter commercial operation in the third quarter of 2023. Transaction counsel for Greenbacker was Greenberg Traurig. Troutman Pepper served as counsel for SunCode Energy. 

“Utility-scale energy storage is central to both our investment thesis and our broader mission of empowering a sustainable world,” said Mehul Mehta, CIO of Greenbacker. 

XJ Chen, managing director of SunCode Energy, said: “We are committed to bringing the project online this summer and supporting grid resilience in California. We also look forward to expanding our partnership with Greenbacker on more solar and battery storage projects in the future.”

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