Engie has acquired Houston-based battery storage company Broad Reach Power for over $1 billion, as part of its strategy to expand its global renewable energy portfolio.
The acquisition is expected to strengthen Engie’s position in the US renewable energy market, particularly in the area of battery storage, and help the company achieve its goal of becoming the world’s leading player in the energy transition.
Engie plans to invest heavily in renewable energy projects and is targeting a 50% increase in renewable energy capacity by 2030.
Engie and Broad Reach Power Overview
Engie is a French multinational electric utility company that operates in the fields of electricity, natural gas, and energy services.
With a presence in over 70 countries, Engie is committed to the energy transition and aims to become a leader in the zero-carbon transition.
The company’s focus is on providing low-carbon energy solutions that are reliable, affordable, and sustainable.
Engie has set a target of achieving 10GW of global battery capacity by 2030. To achieve this target, the company is investing in battery storage projects around the world.
The acquisition of Broad Reach Power is a significant step towards achieving this goal.
About Broad Reach Power
Broad Reach Power is a battery energy storage and power company based in Houston, Texas.
The company was founded in 2019 and has quickly become a leader in the battery storage industry. Broad Reach Power owns an energy storage portfolio of 350MW in operation and 880MW in construction.
The company focuses on developing, owning, and operating utility-scale battery storage projects.Broad Reach Power’s portfolio includes projects in Texas and California, two of the largest battery storage markets in the US.
The company’s projects provide grid services such as frequency regulation, capacity, and energy. Broad Reach Power’s projects are designed to help integrate renewable energy into the grid and improve grid reliability.
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