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UBS Asset Management announced the acquisition of five Texas-based, standalone energy storage projects from Black Mountain Energy Storage. This acquisition is a significant milestone after the 2021 establishment of the Energy Storage Infrastructure team, which adds substantial volume to the development pipeline.
Once the ERCOT grid is operational in 2024, these projects will improve flexibility, responsiveness, and dispatchability. These capabilities make energy storage an essential component of grid reliability. They also serve as a key technology in the energy transition. ERCOT and Texas consumers will benefit from more economic sources and innovation by ERCOT.
Tommaso Albanese Head of Infrastructure, UBS Asset Management, said, “This is a significant milestone in the development of our energy storage investment strategy. We look forward to working with strategic partners to expand the portfolio in US markets.”
“This portfolio consists of strategically selected, diverse projects in locations that are well-positioned to take advantage of the current market state as well as the future dynamic growth Texas will experience,” stated Ken-Ichi Hino Portfolio Manager Energy Storage Infrastructure, UBS Asset Management.
Rhett Bennett (CEO of BMES) stated that the deal with UBS Asset Management was a great success. Our teams worked smoothly throughout the execution process and we look forward to seeing the projects transform under UBS Asset Management’s strategic growth expertise and commercialization expertise.
Troutman Pepper, Clean Energy Counsel, and Euclid Power advised UBS Asset Management on the transaction.