ENGIE Storage Unveils New Wholesale Market Participation Offering In ISO-New England

ENGIE Storage Announces 19 MW/38 MWh Community Solar And Energy Storage Project Portfolio Under Massachusetts SMART Program

July 30, 2019

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Copyright 2010-19 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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ENGIE Storage today unveiled what it called, "a new, highly-integrated supply and services offering for developers of in-front-of-the-meter (IFOM) solar and energy storage projects in New England and emerging markets."

"Comprising energy storage system design support, supply, operations, performance guarantees, and payments for rights to participate in ISO-New England wholesale markets, the offering dramatically improves project economics, reduces risk, and enhances bankability for solar + storage projects," the company said

ENGIE Storage is developing similar products for other wholesale power markets.

"ENGIE is uniquely positioned to provide such an offering given the company’s experience operating assets and trading in ISO-NE, our recent acquisition of distributed energy power marketer Genbright, and our experience developing and operating energy storage assets including the largest IFOM solar + storage project operating in Holyoke, Massachusetts," said Christopher Tilley, chief executive officer at ENGIE Storage.

ENGIE Storage’s first contract to deliver this offering is in connection with a 19 MW/38 MWh six-site portfolio of community solar and energy storage projects in Massachusetts, which was also announced today (detailed further below).

"This product uniquely addresses the needs of the emerging energy storage market in Massachusetts and the ISO-NE territory, and should be attractive in other wholesale power markets as they open up to energy storage asset participation under Federal Energy Regulatory Commission Order 841," said Tilley. "We have had that belief validated through discussions with many of the leading solar developers in the region. We have more than 100 MWh of storage coupled with solar production facilities in the Solar Massachusetts Renewable Target Program under contract now, and we expect that volume to increase substantially within the next few years."

Key features of ENGIE Storage’s wholesale market participation offering include:

• Development Services: ENGIE Storage will evaluate the feasibility and economics of energy storage co-location with a solar development project, advise on storage project design and integration with solar, and contribute technical support through the permitting and interconnection process.

• Equipment Supply: ENGIE Storage will provide complete integrated energy storage systems warranted by ENGIE for 20 years.

• Operations and Maintenance: ENGIE Storage will deploy its GridSynergy software platform to operate and dispatch storage systems, and will provide ongoing maintenance and warranty service.

• Performance Guarantees: ENGIE Storage will guarantee the energy storage system’s compliance with Solar Massachusetts Renewable Target Program and Investment Tax Credit charging requirements, backed by liquidated damages for failure to perform.

• Market Participation Fees: ENGIE Storage will pay fixed-price fees to the project owner, either up-front or annually, for the rights to participate with the storage systems in wholesale electricity markets.

ENGIE Storage today announced that it will supply and operate a 19 MW/38 MWh portfolio of six energy storage sites that will contribute to the Solar Massachusetts Renewable Target Program and participate in ISO-New England wholesale markets.

The combined solar and storage portfolio is developed and operated by Syncarpha Capital, LLC, a New York-based private equity firm

ENGIE Storage will provide Syncarpha a complete, turn-key GridSynergy hardware and software solution, and will operate the storage system for 20 years. Further, under a Market Participation Agreement executed for each of the six energy storage sites, ENGIE Storage will pay fees in exchange for the rights to operate the solar and energy storage system in the ISO-NE wholesale capacity, reserves, and frequency regulation markets. "This unique arrangement delivers substantial added contracted revenue for the projects while implementing ENGIE Storage’s market-leading energy storage sales platform for the long-term benefit of each of the six combined solar and storage sites," ENGIE said

"ENGIE Storage’s GridSynergy software platform, which has been fully integrated with the trading capabilities of recently acquired Genbright, will seamlessly ensure Investment Tax Credit and SMART program compliance while bidding and operating the energy storage systems in ISO-NE wholesale markets. Under its long-term service and operation contracts for the sites, ENGIE Storage is, in essence, guaranteeing SMART program revenues. The arrangement virtually eliminates storage project operational risk at the six battery storage sites," ENGIE said

ENGIE Storage is executing more than 100 MWh of solar and storage contracts with market participation agreements for the SMART program.

The projects are expected to come online in late 2019 and early 2020.

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