SunEdison makes an entry into clean energy storage segment

SunEdison has acquired the firm Solar Grid, with an aim to enter into a new segment of energy storage.

The deal which enabled SunEdison to become the first renewable energy company to offer solar, wind, and energy storage also includes four operating storage projects.

The world’s largest renewable energy firm has picked up the energy storage firm in order to penetrate into an emerging market to spread up its renewable energy storage sources.

SunEdison has closed the Solar Grid Storage acquisition in January at an undisclosed sum.

SunEdison will now offer battery storage solutions to complement global solar and wind projects, benefiting various utilities, municipalities, businesses, and consumers in the US and Europe.

“Storage is a perfect complement to our business model and to our wind and solar expertise,” said Tim Derrick, General Manager of SunEdison Advanced Solutions. “Our strategy is to increase the value of the solar and wind projects that we finance, develop, own, and operate by improving their availability and ability to interact with the grid.

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The acquisition comes with four completed projects in the East Coast of US.

The energy storage market growth is driven by commercial as well as municipal customers seeking immediate energy savings from solar with an emergency back-up power from storage.

The electricity grid operators also look for solar storage solutions to make the grid more resilient and less susceptible to failure.

SunEdison also owns a yieldco, the TerraForm Power to raise cheaper project development capital.

SunEdison that has been operating approximately 5 GW of solar and wind portfolio globally, has acquired First Wind recently.

Solar Grid has been an investor-funded startup from 2013. The company specialized in developing projects combining solar with lithium-ion battery systems.

Solar Grid Storage will integrate its solar-plus-storage control services with the SunEdison Renewable Operation Center, enabling global 24/7 asset management, monitoring and reporting services for energy storage assets.

Sabeena Wahid
[email protected]