Agilitas Energy Acquires USD 75 Mn ESS Projects from Gulf States Renewable Energy in Texas

Agilitas Energy has agreed to acquire a portfolio of six standalone energy storage system (ESS) projects in the Greater Houston, TX area from Gulf States Renewable Energy, subsidiary of GSR Energy.

The deal value approximates $75 million and accelerates the company’s growth outside of the Northeast as part of its national expansion plan.

The acquisition is Agilitas Energy’s largest acquisition since raising $350 million  from CarVal Investors L.P. last year for the purpose of national expansion. The acquisition and new market entry will add 60 megawatts (MW) to Agilitas Energy’s renewable energy and battery storage project pipeline of more than one gigawatt.  

The battery storage systems will deliver low-cost energy for customers of CenterPoint Energy, a domestic energy delivery company headquartered in Houston, Texas.

It will enhance the grid’s reliability and resiliency by charging their batteries from the grid at low peak, when there is excess energy and costs are lower, and then subsequently discharging that energy when demand is high.

“Texas has always represented the holy grail of energy and is one of our key expansion markets because it’s a leader in energy production, energy consumption and renewables. With this new foothold, our Agilitas Energy team is taking a pivotal step to build value-added energy solutions to a market increasingly burgeoning with renewables,” said Barrett Bilotta, President, CEO and Cofounder of Agilitas Energy. 

“GSR Energy is honored to partner with Agilitas Energy to develop world-class battery storage projects in the Houston area—we look forward to helping accelerate the energy transition in this key region of North America” said Mark Tholke, Managing Principal of Gulf States Renewable Energy and GSR Energy.