In a significant move aimed at bolstering the state’s power infrastructure, GridStor, a prominent developer and operator of utility-scale battery energy storage systems, has announced the acquisition of an up to 450 MW / 900 MWh project in Galveston County, Texas, from Balanced Rock Power. The project, named the Evelyn Battery Energy Storage project, is set to commence construction in the upcoming Summer of 2024, with an anticipated online date slated for Spring 2025.
This acquisition comes at a critical juncture for Texas, with the Electric Reliability Council of Texas (ERCOT) forecasting a substantial increase in peak power demand, particularly during extreme weather conditions. According to ERCOT, the state faces the prospect of a 5,000 MW surge in summer peak power demand by the end of the decade, alongside a potential 16,000 MW increase during winter extreme weather events.
Commenting on the acquisition, Chris Taylor, CEO of GridStor, emphasized the significance of battery storage in addressing Texas’ burgeoning energy demands. “Battery storage is a scalable and near-term solution to powering historic load growth in Texas,” said Taylor. “Every day, batteries are consistently providing energy to stabilize the power system and meet hours of greatest demand in the state. The rapid deployment of battery energy storage is strengthening the Texas grid to support the growing needs of its residents and businesses today while new power sources and transmission infrastructure are built over the longer term. The quality site selection and early development completed by Balanced Rock Power position this project to contribute substantially to electric reliability in this rapidly growing load area in Texas.”
The Evelyn project, strategically located near the existing Hidden Lakes substation owned by Texas New Mexico Power (TNMP), is poised to quickly commence grid-connected operations. Situated in close proximity to Houston, which grapples with congestion issues hindering energy delivery, the project is expected to enhance the resilience of the Texas electric grid.
Engineering and procurement processes are already underway, with leading suppliers and contractors gearing up for on-site construction, scheduled to commence in the Summer of 2024. The project is anticipated to create job opportunities for approximately 100 full-time, skilled tradespeople and apprentices during its construction phase.
John Knight, CEO of Balanced Rock Power, stated, “We are committed to driving the adoption of clean energy across the United States. Together with GridStor, we’re building clean, reliable, and affordable energy solutions today for a promising tomorrow.”
GridStor, supported by Goldman Sachs Asset Management, specializes in developing and operating battery facilities integrated with American power infrastructure. The company targets regions experiencing higher energy demand due to unpredictable weather events and areas at risk of increasing grid instability.
Balanced Rock Power, on the other hand, is a boutique developer focusing on utility-scale solar and energy storage projects to facilitate the transition towards renewable energy. Operating primarily in the Western United States, Balanced Rock Power adopts a long-term ownership perspective in its development approach.
