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Engie has acquired 350 MW of operating storage assets and 880 MW of assets under construction from US battery specialist Broad Reach Power, with commissioning of the latter assets expected by the end of 2024.
Engie has agreed to acquire US-based battery company Broad Reach Power from private equity funds EnCap and Apollo.
The French energy giant said that it has signed a binding agreement for the acquisition, but it did not disclose the purchase price. The deal includes 350 MW of operational assets and 880 MW of assets under construction, with commissioning expected by the end of 2024.
In addition, the deal involves 1.7 GW of advanced-stage projects and a substantial pipeline of early-stage projects, according to a statement from Engie. The projects are situated in Texas, California, and the central United States.
The transaction is now subject to approval from relevant antitrust and energy regulatory authorities. The finalization of the acquisition is anticipated to occur in the fourth quarter of this year.