Partnership Between NH Based Battery Storage Developer Granite Source Power & New Energy Capital Sell Over 1GW of Projects

PORTSMOUTH, N.H., Dec. 5, 2024 /PRNewswire/ -- Granite Source Power, LLC (GSP) announces the sale of nearly 1,250 MW of standalone battery energy storage projects across ERCOT, SPP and ISONE. GSP was formed in 2022 and has quickly grown a pipeline of nearly 5GW of battery storage projects in ERCOT, NYISO, ISONE, PJM and SPP. These most recent transactions reflect the strong market demand for GSP's de-risked, well-sited projects.

In 2023 GSP and New Energy Capital (NEC) formed a partnership to accelerate growth and execute on the company's overall development strategy. The sale of these projects is an important milestone, as it further highlights the team's overall capabilities spearheaded by decades of experience in siting, developing and financing renewable assets.

The projects were each sold individually through separate purchase and sale agreements with various buyers. The projects have target CODs ranging from 2025 – 2027.

"In partnering, GSP and NEC have combined a tremendous amount of experience and success in renewable project development. We are developing assets in strategic locations in diverse power markets.  To date this approach has resonated well with project buyers, going forward we are looking to grow our partnerships with both existing and new buyers," said Patrick Fox, partner at New Energy Capital.

Marc Rizzo, Co-Founder of Granite Source Power, stated: "We are thrilled to expand our partnerships and connect our projects with reliable buyers. In competitive landscapes, identifying appealing and unique opportunities has been crucial for enhancing the marketability of our projects. Our collaboration with NEC has been instrumental in this regard, enabling us to swiftly seize and implement value-adding opportunities that ultimately benefit the buyers of our projects."

About Granite Source Power

Granite Source Power is a team comprised of industry experts with decades of experience developing, commercializing, and financing some of the largest and most complex renewable projects across North America. For more information, please visit www.granitesourcepower.energy.

About New Energy Capital

New Energy Capital, a Victory Capital Investment Franchise, is a leading alternative asset manager investing across the capital structures of clean energy infrastructure projects and companies. Headquartered in Hanover, New Hampshire, NEC was one of the first investors to focus on clean energy and infrastructure assets. NEC has invested or committed more than $1.6 billion across more than 40 investments. For more information, please visit www.newenergycapital.com.

SOURCE Granite Source Power