Greenbacker Renewable Energy Company LLC (“Greenbacker”) announced that on September 30, 2020, through a wholly-owned subsidiary, it purchased the rights to Rodeo Energy Storage LLC, a 10 MW / 21.3 MWh portfolio of 20 behind-the-meter energy storage systems, which were developed and will be constructed and operated by Stem, Inc. (“Stem”), the global leader in artificial intelligence (AI)-driven energy storage services. The acquisition is Greenbacker’s second in the vital and growing energy optimization sector, marking a further strategic expansion and enhancing the services it provides to power off-takers and consumers in California while positioning the firm to increase shareholder value.
“Energy storage is a valuable innovation that will make renewable energy more practical and accessible to consumers,” said Charles Wheeler, CEO of Greenbacker. “Increasing our investments in the technology creates more value in the portfolio as a whole‒value that we can pass along to our shareholders. Stem, an industry pioneer, has become a trusted partner as we grow into this new asset class.”
“We view Greenbacker as a long-term partner for Stem, and we are excited to complete our second transaction this year,” said John Carrington, CEO of Stem. “Our market leading Athena™ AI platform provides the intelligence and real-time decision making required to optimize the storage system and reduce energy charges for customers. We look forward to additional partnership opportunities with the Greenbacker team.”
Each of the acquired systems will participate in California’s Self Generation Incentive Program (“SGIP”), as well as future programs being created by the recent FERC Order 2222. SGIP seeks to drive progress toward a cleaner, distributed-energy future by offering rebates for installing energy storage technology at both residential and non-residential facilities. The systems will serve customers across the state. The portfolio is anticipated to be fully operational by Q2 2021.
With the acquisition of Rodeo Energy Storage, Greenbacker will own approximately 655.4 MW of generating capacity (including assets that are to be constructed), comprising 431.6 MW of utility-scale and distributed solar facilities, 192.6 MW of wind facilities, 12.0MW of biomass facilities, and 19.2 MW of battery storage.