East Point Energy has a 4.1GW pipeline of mid-stage battery capacity projects in the US East Coast locale US power market .
Norwegian energy firm Equinor has agreed to gain a 100 percent stake in East Point Energy, a US-based battery capacity designer.
Situated in Charlottesville, Virginia, East Point Energy has a 4.1GW pipeline of mid-stage battery capacity projects in the US East Coast locale.
The exclusive organization has likewise recognized extra development possible past its current pipeline.
The securing is expected to assist Equinor with expanding its scope of energy contributions in the US.
The monetary subtleties of the arrangement have not been revealed.
East Point Energy President Andrew Foukal said: “for the East Point Energy group, I’m eager to invite Equinor as the new proprietor.
“We anticipate a long and fruitful relationship creating, claiming and working energy stockpiling projects in the US.”
Equinor Renewables power and markets senior VP Olav Kolbeinstveit said: “The obtaining of East Point Energy addresses Equinor’s entrance into the US power market through adaptable resources. For more insights into the US power market forecast, download a free sample report
“It will empower Equinor to additionally open the potential we find in the renewables space in the US, catching worth from unpredictability in the power markets and offering dependable types of assistance to the matrix.
“The securing will give us appealing venture open doors, and the tasks will add to lifting the profit from our inexhaustible portfolio while simultaneously bringing down the portfolio risk.”
The arrangement is supposed to shut in the second from last quarter of this current year.
It comes after Equinor consented to an arrangement last December to secure a 45% stake in UK-based battery capacity designer Noriker Power.
Under the details of the understanding, Equinor has a choice to secure a full stake in Noriker Power at a later stage.
Last month, SSE Warm and Equinor consented to buy Triton Power Property from Energy Capital Accomplices for a £341m thought.