GridStor, a developer and operator of utility-scale battery energy storage systems, announced today (Feb 3) that it has acquired a 150 MW / 300 MWh battery storage project in Texas from Balanced Rock Power (BRP).
GridStor's acquisition and plan to expand its operations into the Lower Rio Grande Valley region in Texas comes during a critical time. Driven by rapid growth in power demand in the state from large industrial customers, the Electric Reliability Council of Texas (ERCOT) now forecasts an approximately 50% increase in the state's peak load by 2030. Over 8 GW of battery energy storage has been deployed on the ERCOT power system to date.
"Battery storage is the fastest, scalable solution to provide reliability in the near-term to the Texas power system and its largest industries," said Chris Taylor, CEO of GridStor. "Batteries provide energy that stabilizes the ERCOT electric grid and supplies its hours of greatest demand every day. Our acquisition demonstrates GridStor's commitment to roll up our sleeves and build facilities that help Texas sustain its historic economic expansion."
GridStor's project will be built in Hidalgo County, Texas, and is expected to come online by the summer of 2026. At its height of construction, the project is expected to sustain over 100 jobs including skilled tradespersons and apprentices. Once operating, the project will increase the resilience of the Lower Rio Grande Valley region of the ERCOT power system, helping mitigate stress on transmission infrastructure while supplying power daily to support economic growth among critical Gulf Coast industry sectors.
"BRP is proud to continue supporting GridStor in their efforts to support industrial expansion with utility scale battery storage," said John Knight, CEO of Balanced Rock Power. "Together with GridStor, we are building reliable and affordable energy solutions today for a powerful tomorrow."
The successful close of the project marks GridStor's fourth project acquisition in the past twelve months and its second transaction with BRP. GridStor's Hidden Lakes project, its initial acquisition from BRP, is under active construction and expected to come online this summer.
GridStor develops and operates battery facilities directly integrated with American power infrastructure, storing electricity to deliver when it is most needed. GridStor is backed by Goldman Sachs Asset Management and comprises a team of seasoned energy professionals with a record of past accomplishments in energy storage and clean energy project acquisition, development, finance and operations. GridStor's target markets include regions with rapidly growing energy demand and increasing need for grid reliability.
About GridStor
GridStor strengthens America's power system reliability by building and operating battery projects, storing electricity to deliver when and where it's most needed. GridStor develops, acquires, and operates utility-scale, standalone battery storage projects primarily across North America. Visit us at www.gridstor.com and on LinkedIn.
About Balanced Rock Power
Balanced Rock Power develops solar and energy storage facilities that generate renewable power supporting America's growing need for clean, reliable, affordable energy for decades to come. Balanced Rock Power's team of highly skilled professionals leverages decades of industry experience to identify, analyze, and assess projects for quality and viability, while engaging with local communities and stakeholders to foster positive relationships through the development process. Visit us at www.balancedrockpower.com.
About Goldman Sachs Asset Management
Goldman Sachs Asset Management is the primary investing area within Goldman Sachs (NYSE: GS), delivering investment and advisory services across public and private markets for the world's leading institutions, financial advisors and individuals.
The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.
Goldman Sachs Asset Management is a leading investor across fixed income, liquidity, equity, alternatives and multi-asset solutions. Goldman Sachs oversees approximately $3.1 trillion in assets under supervision as of September 30, 2024. Follow us on LinkedIn.
Contacts
Media Contact
Alaina Gjertsen
alaina.gjertsen@gridstor.com
