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July 28, 2022
UBS Asset Management today 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 the development pipeline.
The projects will provide flexibility, responsiveness, and dispatchability to the ERCOT grid once operational in 2024. These capabilities make energy storage a critical component of grid reliability and a key technology for the energy transition, helping ERCOT and the Texas consumers it serves benefit from innovation and more economic sources of energy.
“This is a major milestone in the development of our energy storage investment strategy,” said Tommaso Albanese, Head of Infrastructure, UBS Asset Management. “We look forward to continuing to work with strategic partners to build out the portfolio in markets across the US.”
“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,” said, Ken-Ichi Hino, Portfolio Manager, Energy Storage Infrastructure, UBS Asset Management.
“We are excited to have completed this deal with UBS Asset Management, a true innovator in the sustainable alternative investment space,” added Rhett Bennett, Chief Executive Officer of BMES. “Our teams worked seamlessly throughout the execution process, and we look forward to seeing the projects transform under the guidance of UBS Asset Management’s strategic growth and commercialization expertise.
Provided by: UBS Global – Media