From pv magazine ESS News
California-headquartered renewables company Bitech is selling 2.425 GW of its total 3.840 GW solar project portfolio. According to its website, Bitech’s primary focus as owner operator is the monetization and modernization of its 1.96 GW pipeline of grid-balancing battery energy storage system (BESS) projects. Bitech says it has a combo pipeline of 5.8 GW of BESS and solar projects.
A large part of Bitech’s business model is building partnerships and M&A deals with other renewables businesses, such as Emergen, a company it purchased from Texas-based solar and storage developer Bridgelink on April 24. With this transaction, the solar assets that have now been offloaded had entered Bitech’s portfolio.
Bitech’s wholly owned subsidiary Emergen will receive $19,400,000 from “a non-related third-party purchaser”, if the projects achieve a Point of Interconnection and subsequently obtain all Necessary Land Rights and the option to return certain or all projects is not executed.
Commenting on the decision to divest…
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