Agilitas Energy Acquires Texas Energy Storage Systems Portfolio for $75 Million

2AF7165 Eco friendly battery energy storage system in nature with misty forest in background and fresh grassland in foreground. 3d rendering.

American solar PV and storage conglomerate Agilitas Energy will be acquiring a portfolio of six standalone energy storage system (ESS) projects in the Greater Houston in Texas from Californian player Gulf States Renewable Energy, which is a subsidiary of GSR Energy.

The official statement of Agilitas Energy held that the deal value about $75 million and accelerates the company’s growth outside of the Northeast US as part of its national expansion plan.

This is the largest acquisition of Agilitas Energy since it raised $350 million from CarVal Investors in 2022 for the purpose of national expansion. The acquisition and new market entry will add 60 MW to renewable energy and battery storage project pipeline of more than one GW for Agilitas Energy.

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The projects will operate in The Electric Reliability Council of Texas (ERCOT), which manages the flow of electric power to more than 26 million Texas customers—representing about 90% of the state’s electric load. ERCOT, as the independent system operator for the region, represents an opportunity for Agilitas Energy to tap into a market increasingly focused on renewables.

Agilitas Energy said that the battery storage systems will deliver low-cost energy for customers of CenterPoint Energy, a domestic energy delivery company. It will enhance the grid’s reliability and resiliency by charging their batteries from the grid at low peak, when there is excess energy and costs are lower, and then subsequently discharging that energy when demand is high.

Barrett Bilotta, CEO of Agilitas Energy, said, “We plan to continue to be at the forefront of the energy transition, bringing renewable projects online in our target expansion markets with the team of experts and technology required to usher in the next generation of energy.”

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The strategy of Agilitas Energy CEO strategy is to continue expanding into new geographies, but they plan to bolster their renewable portfolio to include sources beyond solar, partnering with other leading renewable developers to achieve these goals as necessary.