UBS Asset Management buys 700 MW of energy storage projects

UBS Asset Management's innovative energy storage investment strategy is based on this. Forms part of the firm's strategic expansion of its infrastructure business, offering clients additional sustainable investing solutions in the alternative space. Projects are spread across high-value areas of the Electric Reliability Council of Texas (ERCOT) grid. The diversity of energy sources will help the Texas electricity grid's resilience.

Black Mountain Energy Storage has sold five standalone, development-stage energy storage projects in Texas to UBS Asset Management (BMES). Following the establishment of the Energy Storage Infrastructure team in 2021, this marks an important milestone, adding significant volume to the development pipeline.

When completed in 2024, the projects will provide flexibility, responsiveness, and dispatchability to the ERCOT grid. Energy storage is a critical component of grid reliability and a key technology for the energy transition, allowing ERCOT and the Texas consumers it serves to benefit from innovation and more cost-effective energy sources.

“This is a major milestone in the development of our energy storage investment strategy,”

said Tommaso Albanese, Head of Infrastructure, UBS Asset Management.

“We look forward to continuing to work with strategic partners to build out the portfolio in markets across the US.”

“This portfolio is comprised of strategically selected, diversified projects in locations which are well-positioned for the current state of the market, as well as the dynamic growth Texas will experience in the coming years,”

said, Ken-Ichi Hino, Portfolio Manager, Energy Storage Infrastructure, UBS Asset Management.

"We are excited to have completed this deal with UBS Asset Management, a true innovator in the sustainable alternative investment space,”

added Rhett Bennett, Chief Executive Officer of BMES.

“Our teams worked seamlessly throughout the execution process, and we look forward to seeing the projects transform under the guidance of UBS Asset Management’s strategic growth and commercialization expertise."

UBS Asset Management was advised on the transaction by Troutman Pepper, Clean Energy Counsel, and Euclid Power.

Source: UBS news