Equinor, a specialist in off-shore wind with solar assets in Argentina and Brazil, has signed an agreement to buy East Point Energy LLC, a privately owned storage provider based in Charlottesville, Virginia. East Point Energy currently has a 4.1 GW pipeline of early to mid-stage battery storage projects.
“The acquisition of East Point Energy represents Equinor’s entry into the US power market through flexible assets. It will enable Equinor to further unlock the potential we see in the renewables space in the US, capturing value from volatility in the power markets and providing reliable services to the grid,” said Olav Kolbeinstveit, senior vice president for power and markets within Renewables at Equinor.
Battery storage is key to Equinor’s strategy of supporting its portfolio of offshore wind, upstream oil and gas, as well as future opportunities in the hydrogen and renewables space. Last year Equinor invested in Noriker Power Limited, a battery storage developer in the United Kingdom. Equinor sees these acquisition as key to “lifting the return on our renewable portfolio while at the same time lowering the portfolio risk.”
East Point Energy will become a subsidiary of Equinor with its team continuing to develop the business, as well as adding capabilities to own and operate energy storage projects in the near future.
“We look forward to working together with East Point Energy to build a portfolio of battery storage assets in the US. This strengthens and diversifies our existing renewable energy offerings in the US, which includes substantial offshore wind projects Empire Wind and Beacon Wind,” said Siri Espedal Kindem, senior vice president for Equinor Renewables US.
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