HGP Storage LLC (“HGP”), a leading developer of stand-alone energy storage, is pleased to announce the structured sale of a portfolio of distributed battery energy storage projects to a leading independent North American renewable energy investor. The storage portfolio is in ERCOT with anticipated commercial operation dates in 2023 and 2024.
Under the transaction terms, the Buyer will acquire the projects in a series of closings consistent with the projects reaching certain milestones associated with the start of construction.
Concurrently with this transaction, HGP is announcing it’s expanding its management team with two strategic hires. HGP is pleased to add Dennis (DJ) Withee and Max Duckworth. DJ is joining as Chief Operating Officer, having led legal and operational teams at the Trailstone Group and Hartree partners. Max, a former senior commercial executive at Constellation Energy, is leading corporate development and brings thirty years of experience in energy commodities and investment.
HGP has a proven history of success developing stand-alone energy assets in ERCOT. “This transaction reflects yet another validation of HGP’s ability to develop actionable sites for bringing energy storage into the ERCOT market,” said Gregory Forero, Chief Executive Officer of HGP Storage. “We are excited by this new venture and look forward to future growth. We have a significant development pipeline of well-sited battery energy storage projects for future delivery to the grid.”
The transaction and partnership were executed through LevelTen Energy’s Asset Marketplace, a platform that connects clean energy project developers and financiers, and provides the software, analytics, and M&A transaction expertise they need to execute transactions quickly. LevelTen launched its Asset Marketplace in 2021, and since then more than 250 clean energy project developers have participated in over 90 asset processes. “As the energy storage market has matured, LevelTen has been important in matching long-term, operating capital to construction-ready developers. LevelTen is excited to have assisted HGP with our Asset Marketplace,” said Patrick Worrall, Vice President of Asset Marketplace, LevelTen Energy.
About HGP
HGP is a leading energy infrastructure and storage resource developer that brings decades of market knowledge to deploy investment-grade assets to power grids, accelerating the energy transition. The HGP team and founders have decades of deep domain experience in commodity, land development, transmission, engineering, finance, trading, and risk management. For further details, please visit www.hgpstorage.com
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