Capital Dynamics Inks Pact with Tenaska to Develop 9 BESS Projects in California

Global private asset management firm Capital Dynamics’ Clean Energy Infrastructure business has signed an agreement with Tenaska to develop a portfolio of 9 battery energy storage system (BESS) projects located across California’s highest electrical load centers.

August 21, 2020. By Manu Tayal

Global private asset management firm Capital Dynamics’ Clean Energy Infrastructure business has signed an agreement with Tenaska to develop a portfolio of 9 battery energy storage system (BESS) projects located across California’s highest electrical load centers.

This agreement further expands the strategic relationship between the two companies, which jointly own two solar facilities in the Imperial Valley of California and are developing additional solar projects.

Commenting on the development, Benoit Allehaut, Managing Director in Capital Dynamics Clean Energy Infrastructure team, said that “with its focus on achieving robust clean energy goals, California is poised for continued significant growth in energy storage demand.”

The BESS projects are designed to deliver local preferred and non-greenhouse gas (GHG) power resources to manage high-demand conditions caused by California heat waves, power supply shortages, and growing local power supply deficiencies in the Bay Area, Los Angeles and San Diego areas, that cannot be reliably served solely by intermittent renewables.

“We are excited to join with Tenaska to build high-quality battery energy storage facilities to help integrate renewables and reinforce CAISO grid reliability and resilience. We hope to quickly contract resource adequacy with utilities and CCAs to grow this portfolio,” Allehaut added.

In total, the projects will provide approx 2 GW of critically needed clean energy into the California Independent System Operator (CAISO) market.

This California BESS collaboration between Capital Dynamics and Tenaska builds on successful development agreements between the two companies to develop 24 solar projects totaling approx 4.8 GW of renewable generation in the Midcontinent Independent System Operator (MISO) market and Southeast Reliability Council (SERC).

“Tenaska’s expertise lies in leveraging changing energy needs into infrastructure solutions,” said Tim Hemig, Senior Vice President in Tenaska’s Strategic Development & Acquisition Group.

Hemig further said that “we are excited to pair our development skills with Capital Dynamics’ international capital origination and structuring capabilities to bring these reliable and sustainable battery energy storage projects to fruition.”

Meanwhile, Marathon Capital has been acted as an advisor to Tenaska on the transaction.

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