- East Point Energy, a US-based clean energy developer, is on its first drive to buy up projects since the company’s acquisition by Equinor.
- Equinor has said that it wants to diversify its new portfolio company’s activities to include developing assets to own and operate, as well as flipping, i.e. developing and then selling on, as it currently does.
East Point Energy, a US-based clean energy developer, is on its first drive to buy up projects since the company’s acquisition by Equinor. Norwegian state-owned energy company Equinor, rebranded from its less energy transition-friendly legacy name, Statoil, announced its purchase of a 67% stake in East Point Energy in July last year, as reported by Energy-Storage news.
Through the East Point Energy Project Acquisition Program, the developer is seeking potential solar PV, hybrid solar-plus-storage and standalone energy storage projects. However, in the first wave of activity, the company said it would favour standalone energy storage projects, which since the start of this year have been eligible for investment tax credit (ITC) incentives previously only available for hybrid or renewable-only. It will consider projects at any stage of development, including very early-stage, when the company says it is comfortable with taking on risks. Still, it wants projects to be brought online next year and in 2025.
Equinor has said that it wants to diversify its new portfolio company’s activities to include developing assets to own and operate, as well as flipping, i.e. developing and then selling on, as it currently does. The Norwegian company also owns a 45% stake in Noriker Power, a UK-based battery storage developer. In the US, it is also looking to leverage its ambitions in the country’s nascent offshore wind sector.