Greenbacker acquires largest standalone energy storage project to date

The 30 MW / 120 MWh utility-scale project expands company’s presence in critical energy transition sector

New York, NY, June 21, 2023 — Greenbacker Capital Management (“GCM” or “Greenbacker”), a leading renewable energy asset manager, has purchased, through an affiliated investment vehicle, a to-be-constructed battery energy storage system (“BESS”) project in Imperial County, California from SunCode LLC (“SunCode Energy”). With a total power capacity of 30 MW and the ability to store up to 120 MWh of energy, the Holtville BESS project is now the largest standalone battery storage asset in GCM’s clean energy fleet.

With the project, Greenbacker continues to build out its standalone energy storage portfolio, a sector critical to the clean energy transition. BESS projects can contribute to both reduce energy costs for consumers and improved grid resiliency, as they store power that can be deployed during times of peak demand or power outage. Holtville’s 120 MWh capacity represents enough energy to power approximately 4119 homes for a 24-hour period, on average.1

“Utility-scale energy storage is central to both our investment thesis and our broader mission of empowering a sustainable world,” said Mehul Mehta, CIO of Greenbacker. “Our successful partnership with SunCode Energy on our largest BESS asset to date will lower power bills while increasing grid stability in California, and we look forward to working together on future clean energy collaborations.”

Greenbacker’s largest standalone energy storage project

Greenbacker battery energy storage
Project rendering of Greenbacker’s largest battery storage asset to date—a to-be-constructed, 30 MW / 120 MWh BESS in Imperial County, CA—which the renewable energy company recently acquired from SunCode Energy. (Image courtesy of SunCode Energy).

Holtville represents the company’s first transaction with SunCode Energy, an experienced California-based developer with a national footprint of solar and storage projects.

“We are excited to partner with Greenbacker on its largest standalone energy storage project,” said XJ Chen, Managing Director of SunCode Energy. “We are committed to bringing the project online this summer and supporting grid resilience in California. We also look forward to expanding our partnership with Greenbacker on more solar and battery storage projects in the future.”

The project has a long-term power purchase agreement in place with an investment-grade utility. It is expected to enter commercial operation in the third quarter of 2023. Transaction counsel for Greenbacker was Greenberg Traurig; Troutman Pepper served as counsel for SunCode Energy. 

Energy storage is set to play an essential role in reaching California’s goal of 100% renewable energy by 2045. A recent update from the governor estimated that 19,500 MW of battery storage will come online in the state by 2035, with 52,000 MW online by 2045.

1 Calculation based on annual electricity consumption of a US residential consumer, according to the U.S. Energy Information Administration. Frequently Asked Questions (FAQs) – U.S. Energy Information Administration (EIA).

Greenbacker battery energy storage