battery expansion
$135 million in funding secured for new Houston battery storage facility
Boulder, Colorado-based SMT Energy has secured $135 million in funding for a 160-megawatt battery energy storage facility, dubbed SMT Houston IV, according to an announcement.
The new facility will work to support the ERCOT grid by providing access to stored energy. The project is expected to be online by 2026 and store and dispatch enough electricity to power 8,800 homes in Texas annually.
Macquarie and KeyBanc Capital Markets were joint lead arrangers in a $100 million project financing facility. Macquarie's Commodities and Global Markets business will also provide a preferred equity investment and are mandated to sell the project's investment tax credits of approximately $62 million, according to SMT. KeyBanc will also act as a financial advisor to SMT.
North Carolina-based battery energy storage integrator FlexGen Power Systems will obtain equipment for the project. The project will also use FlexGen's energy management system software. The software provides site integration, site control and advanced analytics insights to maximize the availability and operating ranges of battery energy storage assets.
"FlexGen is proud to partner with SMT Energy on the deployment of the SMT Houston IV project, which will deliver critical services to the dynamic ERCOT power grid," Jason Abiecunas, Executive Vice President of Business Development with FlexGen said in the release.
In 2023, SMT Energy and joint venture partner SUSI Partners announced plans to add 10 battery storage projects to Texas, doubling capacity from 100 megawatts to 200 megawatts in the Houston and Dallas areas. SMT has a 2 gigawatt per hour pipeline of battery energy storage projects in ERCOT and Southwest Power Pool targeted for commercial operation by 2030, according to the release.
- Houston researchers reach 'surprising' revelation in materials recycling efforts ›
- Energy storage facility just outside of Texas gets funding from global investor with Houston presence ›
- Houston renewable energy storage developer secures $1.8B in financing ›
- Energy storage company secures $77.6 million to continue Texas expansion ›
- SMT Energy, CenterPoint break ground on Houston battery storage facility - Energy Capital ›