SunEdison, Inc. (NYSE: SUNE), has announced the acquisition of the energy storage project origination team, project pipeline and four operating storage projects from Solar Grid Storage (the latter subject to customary consents and assignments).
Solar Grid Storage focuses on projects ranging from 150kW to 10MW. The inverter in its flagship product, PowerFactor, acts as a standard solar inverter delivering AC power to the building, but is also shared with the PowerFactor battery. Energy is available to the grid operator who can call upon PowerFactor to temporarily charge or discharge the battery. This helps the grid operator to balance power on the grid.
“Storage is a perfect complement to our business model and to our wind and solar expertise,” said Tim Derrick, General Manager of SunEdison Advanced Solutions.
In November last year, SunEdison and TerraForm Power, Inc. (Nasdaq: TERP) announced the signing of a definitive agreement to acquire First Wind and the acquisition was completed in January. This acquisition made SunEdison the largest renewable energy developer in the world.
With First Wind and Solar Grid Storage added to its stable, SunEdison not only has 5 gigawatts of solar and wind assets under management around the globe; but it will soon begin integrating energy storage into its global finance, project development, and asset ownership platform.
“Becoming a part of SunEdison, a renewable energy market leader with a strong pipeline of customers and development projects, positions us incredibly well to accelerate our growth and integrate energy storage with renewables to help create the electricity grid of the future,” said Tom Leyden, Chief Executive Officer of Solar Grid Storage.
In other recent SunEdison news, the company announced the installation of a 100 kilowatt solar panel system on the premises of the Ramakrishna Mission Students’ Home in the Indian state of Tamilnadu.
The project is part of SunEdisons Social Innovations goal to bring clean electricity to 20 million people by 2020. The 345 high performance SunEdison solar panels will not only help power the Mission that serves approximately 700 students, it will also generate revenue through exports of surplus electricity.
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Solar + Home Battery Energy Storage
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