Arevon Asset Management opened the 100 MW / 400 MWh Saticoy battery energy storage system in Ventura County, California, northwest of Los Angeles.
The system was acquired by Arervon, a unit of global asset management firm Capital Dynamics, in May, together with infrastructure developer S&B USA Energy. Capital Dynamics owns 51% of the project and S&B USA the remaining 49%.
Electricity from the site is supplied to Southern California Edison under the terms of a 20-year purchase and sale agreement. The project was developed by Strata Clean Energy.
The system uses 142 Megapacks, Tesla’s utility-scale battery storage product. It also will use a battery storage performance management platform from Power Factors. The decision to build the Saticoy battery came after local residents and community leaders helped stop plans for a proposed gas peaker plant. Arevon completed the project in nine months. Energy stored on the site can power the city of Oxnard for four hours or all of Ventura County for 30 minutes.
Partners Group’s community solar stake
Private markets firm Partners Group acquired a controlling equity stake in Dimension Renewable Energy, an Atlanta-based distributed energy platform focusing on community solar and battery storage.
Separately, FTC Solar, a provider of solar tracker systems, software, and engineering services, received a net payout of around $22 million through the sale of its minority stake in Dimension Energy, with the potential to receive an additional payout of up to $14 million through an earn-out structure.
FTC Solar made an initial investment of $4 million in Dimension in 2018. FTC Solar has since received dividends totaling around $2.1 million.
Koch unit takes a stake in battery company Lithion
Calgary-based Lithion Battery Inc. said that Koch Strategic Platforms is providing it with growth capital, becoming a strategic minority investment partner. TriWest Capital Partners, a Canadian-based private equity fund, remains as the majority equity holder.
Lithion is a vertically integrated manufacturer of battery cells and rechargeable and non-rechargeable battery modules and packs serving industrial, medical, robotic, military / defense and energy end-markets.
Koch Strategic Platforms, founded as part of Koch Industries’ investment arm, Koch Investments Group, focuses on growth equity in computing and connectivity, industrial automation, health care, and energy transformation.
Solar array at ocean R&D site
AltaSea at the Port of Los Angeles plans to install a 2.2 MW solar energy array on top of its 180,000-square-foot research and development facility located on the wharf at the Port of Los Angeles. The array will be installed by PermaCity, a division of Catalyze, using its SolarStrap roof mounting technology. Completion is expected by late fall.
The installation will export its energy to the Los Angeles Department of Water and Power under a feed-in tariff. The solar project has funding from True Green Energy LLC, which, together with PermaCity, has funded and built most of the solar projects at the port.
Oceanographer and explorer Dr. Robert Ballard has plans for a 10,000-square-foot research center at the site and docks his Exploration Vessel Nautilus at AltaSea.
Captona expands fuel cell portfolio
Captona acquired its third fuel cell project in partnership with South Jersey Industries subsidiary, Marina Energy, through its Catamaran Renewables joint venture. The 5 MW late-stage development fuel cell project is located in Bronx, New York, and is currently under construction and scheduled to be placed into service later this year. With the investment, Captona’s fuel cell portfolio grows to 12.5 MW.
Canadian Solar wins 86 MW in Japanese auction
Canadian Solar said it was awarded 86 MW in Japan’s 8th solar energy auction. The total includes three projects located in the Tohoku region: an 80 MW project in Miyagi Prefecture, a 3 MW project in Fukushima Prefecture, and a 3 MW project in Aomori Prefecture.
Once built, these projects will enter into a 20-year power purchase agreement with Tohoku Power Electric Company at a weighted average rate of $0.098 per kWh. The company said it expects the projects to reach commercial operation between 2024 and 2026.
Canadian Solar has one of the largest cumulative market shares in Japan’s feed-in-tariff auction program since its launch in 2017. Since entering Japan’s solar project development business in 2011, the company has worked on more than 45 projects and is currently executing on nearly 30 projects to be delivered over the next 3-5 years.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: email@example.com.