Norwegian giant Equinor will make its debut in the fast-growing US battery sector after swooping for storage developer East Point Energy and its 4GW pipeline.
Transitioning oil & gas group Equinor agreed to buy 100% of Virginia-based East Point for an undisclosed sum, adding the developer to an existing portfolio of US power interests that includes major offshore wind projects off New York.
Olav Kolbeinstveit, senior vice president for power and markets within Renewables at Equinor, said: “The acquisition of East Point Energy represents Equinor’s entry into the US power market through flexible assets. It will enable Equinor to further unlock the potential we see in the renewables space in the US, capturing value from volatility in the power markets and providing reliable services to the grid.”
Equinor said while privately-held East Point’s early-to-mid-stage portfolio is focused on the East Coast, “additional growth potential beyond the current pipeline has been identified” for a business that would “contribute to lifting the return on our renewable portfolio while at the same time lowering the portfolio risk”.
Recharge reported in May how battery storage is booming in the US, in particular in combination with solar.
US developers plan to bring online 5.3GW of battery power capacity at new and existing generation plants in 2022, nearly twice as much as last year, while another 4.9GW of stand-alone additions are planned, according to data from S&P Global Market Intelligence.
