- Swiss bank UBS Group AG’s asset management arm has purchased a 700 MW portfolio of energy storage projects in Texas.
Swiss bank UBS Group AG’s asset management arm has purchased a 700 MW portfolio of energy storage projects in Texas. The purchase was made from Mountain Energy Storage as part of the bank’s strategic expansion in its infrastructure business.
The portfolio includes five standalone, development-stage projects with capacities that have flexibility, responsiveness, and dispatch ability to the power grid in Texas, as soon as they become operational in 2024.
“This is a major milestone in developing our energy storage investment strategy,” said UBS Asset Management’s head of Infrastructure, Tommaso Albanese. “We look forward to continuing to work with strategic partners to build out the portfolio in markets across the US,” he added.
The deal with UBS Asset Management comes only a few days after Black Mountain Energy Storage unveiled the sale of four standalone energy storage projects in Texas with a combined capacity of 400 MW/600 MWh. The buyer is US renewable energy plant developer and operator Cypress Creek Renewables.