(CercleFinance.com) – Engie announces that it has signed a firm agreement for the acquisition of 100% of Broad Reach Power, a company based in Houston (Texas) and specialized in battery storage activities, from the investment funds EnCap and Apollo.
The transaction involves 350 MW of operating assets, 880 MW of assets under construction with commissioning expected before the end of 2024, 1.7 GW of projects at an advanced stage of development and a large portfolio of projects under development .
The projects are located in Texas, California and the central states of the United States. Their acquisition will support Engie’s objective of having a battery capacity of 10 GW worldwide by 2030 to support the energy transition.
Completion of the transaction, the financial terms of which are not specified, is expected in the fourth quarter of 2023, subject to obtaining certain approvals from the relevant competition and regulatory authorities.