In a major milestone for the energy storage sector, ENGIE North America has announced a landmark partnership with funds managed by CBRE Investment Management (CBRE IM) to jointly own and operate a 2.4 gigawatt (GW) portfolio of battery storage assets across Texas and California.
Described as one of the largest battery storage financing transactions to date, the deal comprises 31 battery storage projects located in the territories of the Electric Reliability Council of Texas (ERCOT) and the California Independent System Operator (CAISO). ENGIE will retain a controlling stake in the portfolio and continue its role as operator and asset manager.
“This industry-leading transaction will help support the growing power demand in Texas and California,” said Dave Carroll, Chief Renewables Officer and SVP at ENGIE North America. “The scale of this portfolio reflects ENGIE’s commitment to strengthening grid resilience and meeting U.S. energy needs, while CBRE IM’s investment underscores confidence in ENGIE’s global leadership in renewable infrastructure.”
ENGIE currently manages over 11 GW of renewable energy and battery storage capacity across North America, either in operation or under construction. This partnership forms part of its strategy to recycle capital and attract leading institutional investors into high-growth energy segments.
CBRE Investment Management highlighted the long-term value of the portfolio, citing its operational maturity and alignment with emerging global trends in energy transition.
“We are excited to partner with ENGIE on this high-quality, scaled battery storage portfolio,” said Robert Shaw, Managing Director of Private Infrastructure Strategies at CBRE IM. “This transaction reflects our investment thesis focused on ‘Infrastructure 2.0’—assets that are well-positioned for decarbonization and digitalization tailwinds and generate strong contracted revenue streams.”
With the battery storage industry gaining momentum as a critical enabler of grid stability and renewable energy integration, this collaboration sets a new benchmark for institutional investment in clean energy infrastructure in North America.
