Storage effort to aid Massachusetts SMART Program
ENGIE Storage is slated to supply and operate a 19 MW/38 MWh portfolio of six energy storage sites in conjunction with the Solar Massachusetts Renewable Target Program.
ENGIE will also participate in ISO-New England wholesale markets, adding the combined solar and storage portfolio, which is developed and operated by Syncarpha Capital, LLC, is the first utility-scale solar plus storage project to benefit from ENGIE’s integrated development, supply and services offering for wholesale market participation.
“Syncarpha selected ENGIE Storage for the portfolio due to ENGIE’s sophisticated and integrated offer, leading software, operational experience, and bankability,” Cliff Chapman, chief executive officer at Syncarpha, said. “Working with ENGIE creates incremental value for these assets in addition to the SMART program and meets the financial and risk requirements of tax equity investors and lenders.”
Christopher Tilley, ENGIE Storage’s chief executive officer, said Syncarpha has extensive experience developing and operating solar assets in Massachusetts.
“They have been great to collaborate with on such a pioneering business model,” he said. “Through this agreement, we will be able to leverage our strengths to achieve a greater outcome for both parties. This announcement will be the first of many as ENGIE Storage is executing more than 100 MWh of solar and storage contracts with market participation agreements for the SMART program.”
ENGIE Storage is guaranteeing SMART program revenues, adding the arrangement eliminates storage project operational risk at the six battery storage sites.
