July 29 (Renewables Now) - The asset management arm of Swiss bank UBS Group AG (SWX:UBSG) has acquired a 700-MW portfolio of energy storage projects in Texas from Black Mountain Energy Storage as part of the strategic expansion of the lender’s infrastructure business.
The portfolio consists of five standalone, development-stage projects which will provide flexibility, responsiveness, and dispatchability to the power grid in Texas once they come into operation in 2024, UBS said on Thursday.
“This is a major milestone in the development of 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 plants developer and operator Cypress Creek Renewables.