ArcLight Capital Partners, a middle market infrastructure investor, announced a $150m commitment to Elevate Renewable Energy, a Boston, MA-based company it formed last year to develop and install utility scale, battery energy storage resources co-located with existing power infrastructure to advance the clean energy transition.
Elevate Renewables is initially focused on developing battery storage projects that are co-located with ArcLight Capital’s extensive existing portfolio of power infrastructure, with total capacity of 25 gigawatts (gross). The company also has a “brownfield” development pipeline of over 5 gigawatts of potential capacity at over 20 sites. Elevate will also focus more broadly on projects in U.S. electricity markets where the rapid growth of intermittent renewable energy has created a need for flexible, dispatchable zero-carbon energy – a need which can uniquely be met by utility scale battery storage.
ArcLight has been a pioneer in renewable infrastructure, having invested over $4 billion in hydroelectric, solar, wind and geothermal generation infrastructure since 2001. The firm’s investments include one of the largest wind farms in North America, the largest conventional hydroelectric platform in New England, and the largest solar power platform in Puerto Rico. In creating Elevate Renewables, ArcLight partnered with an experienced battery storage development team that has deep expertise in the development and construction of large-scale battery projects, including facilities at Moss Landing, California (400 MW/1,600 MWh) and DeCordova, Texas (260 MW/260 MWh).
