France’s Engie has agreed to buy US battery storage business Broad Reach Power in a more than $1bn deal.

Engie announced today that it has signed a binding agreement to buy 100% of Broad Reach, which is based in Houston, Texas, from private equity funds EnCap and Apollo.

The deal includes 350MW of grid-scale battery assets in operation and 880MW under construction, with commissioning expected before the end of next year.