ArcLight commits USD 150m to energy storage biz Elevate Renewables

US energy infrastructure investor ArcLight Capital Partners LLC said on Tuesday that it is making a USD-150-million (EUR 138.3m) commitment to Elevate Renewable Energy, a battery storage-focused project development company it established last year.

Financial terms of the investment were kept under wraps.

Elevate Renewables was founded with an initial task to develop and install utility-scale battery storage projects co-located with ArcLight’s existing power infrastructure, which totals 25 GW gross. The platform also has a brownfield development pipeline of over 5 GW of potential capacity at over 20 sites, ArcLight said.

Elevate will focus more broadly on projects in US electricity markets where the rapid uptake of intermittent renewables created a need for flexible and dispatchable clean energy, which battery storage can meet.

Eric Cherniss, head of development at Elevate Renewables, said that the partnership with ArcLight Capital will help his firm accelerate the development of its attractive extensive battery storage pipeline.

(USD 1.0 = EUR 0.922)

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