Eolian, a portfolio company of Global Infrastructure Partners, has acquired all outstanding interests in joint venture development portfolios of energy storage projects managed by Able Grid Energy Solutions.
Eolian and AG have jointly participated in the development of a portfolio of over 10 GW of energy assets across multiple markets. The firm’s have additionally worked together on over 300 MW of energy storage assets in Texas and California that are now operated and owned by Eolian’s subsidiary, Astral Electricity.
The deal will expand GIP’s global renewables investment strategy which currently includes around $9 billion in equity investments and commitments in the sector.
“We are extremely proud of what the Able Grid team has accomplished with their efforts to date,” stated Aaron Zubaty, CEO of Eolian. “This transaction will build on years of collective work with Able Grid management and employees to create a market for standalone energy storage projects throughout the US.”
“Since we founded Able Grid five years ago, our team has worked tirelessly to progress the development of standalone energy storage projects as a critical component of grid reliability and as a new source of power market attributes and services that are required to advance decarbonization through increased electrification and a more resilient and flexible electric grid,” added Barnaby Olson, CEO of Able Grid.