Greenbacker Renewable Energy Company (Greenbacker) has purchased a 7.9 MW/ 16.5 MWh portfolio of sixteen operating and in-pipeline behind-the-meter energy storage systems from Stem, an artificial intelligence-driven energy storage services company.
Each of the acquired systems will be a part of California’s Self Generation Incentive Program, which seeks to drive progress toward a cleaner, distributed-energy future by offering rebates for installing energy storage technology at both residential and non-residential facilities. The entire portfolio is expected to be fully operational by the second quarter of 2021.
With the acquisition, Greenbacker’s total portfolio of generation capacity will increase to approximately 552.6 MW, comprising 340.1 MW of utility-scale and distributed solar projects, 192.6 MW of wind projects, 12 MW of biomass projects, and 7.9 MW of battery storage projects. Commenting on the purchase of the portfolio, Charles Wheeler, CEO, Greenbacker said that expanding into energy storage is a logical next step in their acquisition strategy.