UBS Asset Management has announced the acquisition of five standalone, development-stage energy storage projects in Texas from Black Mountain Energy Storage (BMES). This marks an important milestone following the establishment of the Energy Storage Infrastructure team in 2021, adding significant volume to its development pipeline.
The projects should provide flexibility, responsiveness, and dispatchability to the ERCOT grid once operational in 2024.
“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,” commented Ken-Ichi Hino, portfolio manager, Energy Storage Infrastructure, UBS Asset Management.
UBS Asset Management was advised on the transaction by Troutman Pepper, Clean Energy Counsel, and Euclid Power.