ENGIE, CBRE Investment Management Partner for 2.4 GW Battery Storage Assets in US
ENGIE North America has partnered with CBRE Investment Management on a 2.4 GW battery storage portfolio comprising 31 projects across Texas and California.
May 20, 2025. By Mrinmoy Dey
The portfolio consists of 31 projects in operation in the Electric Reliability Council of Texas (ERCOT) and California Independent System Operator (CAISO) territories.
This transaction is one of ENGIE’s largest operating portfolio partnerships in the US and one of the sector’s largest sales completed to date. ENGIE will retain a controlling share in the portfolio and will continue to operate and manage the assets, said the company in a statement.
Dave Carroll, Chief Renewables Officer and SVP, ENGIE North America, said, “We are delighted that ENGIE and CBRE IM are partnering in this industry-leading transaction, supporting 2.4 GW of storage that will support the growing demand for power in Texas and California. The scale of this portfolio reflects ENGIE’s commitments to meeting the energy needs of the US and increasing the resilience of the ERCOT and CAISO grids. CBRE IM’s investment reflects their confidence in ENGIE’s proven track record in developing, building, operating and financing renewable assets, both in North America and globally.”
ENGIE currently has more than 11 GW of renewable production and battery storage in operation or under construction in North America. This transaction supports ENGIE’s strategy in North America by simultaneously recycling capital and adding a globally recognised investor to ENGIE’s select pool of partners. The size of this portfolio focused on battery storage assets reflects ENGIE’s global aspirations to grow in this space.
Robert Shaw, Managing Director, Private Infrastructure Strategies at CBRE Investment Management, said, “We are excited to partner with ENGIE on this high-quality, scaled battery storage portfolio with a strong operating track record. This investment reflects our proven strategy of investing in infrastructure 2.0 assets that leverage the breadth of the CBRE IM platform and benefit from strong contracted revenue and macro digitalisation and decarbonisation tailwinds.”
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