ENGIE Storage has issued it will provide and operate a 19 MW/38 MWh collection of around six energy storage sites that will provide to the Solar Massachusetts Renewable and partake in ISO-New England wholesale markets.
The integrated solar and storage portfolio, developed and operated by Syncarpha Capital, LLC, a New York-based private equity agency, is the first utility-scale solar plus storage providing to benefit from ENGIE’s new combined development, offer and services offering for wholesale market participation.
ENGIE Storage will present Syncarpha a complete, flip-key GridSynergy hardware and software solution, and can function the storage system for 20 years. Further, under a Market Participation Settlement executed for every of the six vitality storage websites, ENGIE Storage can pay charges in alternate for the rights to function the solar and power storage system in the ISO-NE total capacity, reserves, and frequency regulation markets.
This novel arrangement delivers substantial added contracted income for the projects while implementing ENGIE Storage’s power storage sales platform for the long-term profit of every of the six mixed solar and storage sites.
ENGIE Storage’s GridSynergy software program, which has been fully built-in with the trading capabilities of recently acquired Genbright, will seamlessly guarantee Investment Tax Credit and SMART program assent whereas bidding and working the power storage programs in ISO-NE wholesale markets. Under its long-term service and operation contracts for the websites, ENGIE Storage is guaranteeing SMART program revenues. The arrangement virtually eliminates storage project operational risk on the six battery storage sites. The projects are assumed to come online in late 2019 and early 2020.