SunEd embraces energy storage with acquisition

SunEdison has taken a potentially important step to offer battery storage solutions to complement its global solar and wind project pipeline through a deal with Solar Grid Storage.

SunEdison has acquired the company’s project origination team, project pipeline, and subject to customary consents and assignments, four operating storage projects.

Neither company released financial terms of the transaction.

"Our strategy is to increase the value of the solar and wind projects that we finance, develop, own, and operate by improving their availability and ability to interact with the grid,” says Tim Derrick, general manager of SunEdison Advanced Solutions.

“With this acquisition we have added the capability to pair energy storage with solar and wind projects, thereby creating more valuable projects and positioning ourselves as a leader in the rapidly growing energy storage market," he adds.

SunEdison says commercial and municipal customers, and electricity grid operators, are driving the energy storage market.

Commercial and municipal customers are interested in both immediate energy savings from solar and emergency back-up power from storage, while grid operators place a high value on storage for its ability to make the system more resilient and less susceptible to failure.

Tom Leyden, chief executive of Solar Grid Storage, claims his company is unique in the storage industry in that it approaches storage from a “solar perspective.”

“Understanding the core solar customer value proposition, as well as the ways that energy storage can add customer benefits and economic value to solar projects, enables us to deliver renewable energy projects that are more valuable for both customers and grid operators," he says.

SunEdison, which calls itself the world's largest renewable energy development company, recently acquired US developer First Wind.