The Renewable Energy Developer manages energy efficiency and storage technologies raised USD $575 M to finance the construction of four virtual power plant
NEW YORK, NEW YORK, UNITED STATES, February 24, 2021 /EINPresswire.com/ — European based Renewable Energy Developer has raised USD $575 Million from Global Private Equity Partners for distributed power projects in three (3) Countries.
The Renewable Energy Developer manages renewable energy, energy efficiency and storage technologies, has raised USD $575 Million to finance the construction of four virtual power plants representing a massive amount of energy storage capacity paired with solar power generation.
It is a sign of the distributed nature of renewable energy development and a transition from large-scale power generation projects feeding into utility grids at their edge to smaller, point solutions distributed at the actual points of consumption.
The project will pair 200 megawatt hours of distributed energy storage with 100 megawatts of solar photovoltaic capacity, the company said.
European based Renewable Energy Developer was commissioned by utility companies across three (3) Countries to establish the dispatchable energy storage capacity, which will be made available through the construction and aggregation of approximately 14,000 solar energy generation and storage systems.
The goal is to make local grids more efficient.
Global Private Equity Partners will support the development of power projects like the combined solar and battery agreement Worldwide, as well as any future Renewable Energy Storage projects.
Over the next 20 years, Renewable Energy Developer is targeting the development of over 3,000 gigawatt hours of clean solar energy production, with customers storing 1,000 gigawatt hours for later use, and dispatching 200 gigawatt hours of this stored energy back to the utility grid.
It has the potential to create a more resilient grid less susceptible to the power outages and blackouts.
“Utilities are increasingly looking to distributed energy resources as valuable ‘grid edge’ assets,” said the CEO of the Renewable Energy Developer, in a statement. “By networking these customers into virtual power plants, the Renewable Energy Developer is able to bring down the cost of ownership for its customers and help utilities manage demand across their electric grids,” said the CEO. “By receiving GridRevenue from the Renewable Energy Developer, customers participating in our VPP programs pay less for their solar energy generation and storage systems, while potentially reducing the risk of a local power outage, and keeping their homes and businesses securely powered through any outages.”
The Renewable Energy Developer is also giving customers a way to finance their energy systems through the Renewable Energy Developer.
It is a win-win for the company, and customers.
The CEO of the Renewable Energy Developer said, “Global Private Equity Partners’ European Division was supporting our project from start to finish, we are very pleased with the service provided by Global Private Equity Partners”.
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Source: EIN Presswire