Goldman Sachs-backed BESS developer Gridstor makes first ERCOT project acquisition

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Gridstor, a developer of standalone battery energy storage system (BESS) assets, has made its first acquisition in the bustling ERCOT market by purchasing the 450MW/900MWh Evelyn Battery Energy Storage project in Texas. The acquisition was announced recently, marking Gridstor's entry into the rapidly expanding Texas market for utility-scale solar PV and BESS assets.

Backed by Goldman Sachs Asset Management, Gridstor plans to start construction on the 2-hour duration lithium-ion BESS project at Evelyn this summer, with completion expected in the spring of 2025. The project aims to leverage existing electricity transmission infrastructure to quickly become operational in the ERCOT market, which handles over 80% of Texas' energy load. The move aligns with the growing trend of energy storage deployments in the region in response to market demands and regulatory developments.