Aypa Power, a Blackstone portfolio company and energy storage pioneer, has finalized an agreement with Eolus Project Holdings LLC to purchase the Cald standalone battery energy storage project located in downtown Los Angeles.
The Cald battery energy storage system (BESS), which is currently in the development stage, will be up to 120 MW in size and located adjacent to the Calden substation. Eolus will continue to provide services, as needed, to the benefit of the project through a Development Services Agreement. In addition to supporting renewable integration and improving the reliability of the region's electrical grid, the project will contribute significant property tax revenues to benefit the local community and Los Angeles County as a whole. Construction of the project is anticipated to commence in late 2022, and the system should reach commercial operations in 2024.
The Cald BESS is one of several utility-scale projects Aypa has in development in California, positioning the company to become a leading provider of storage and renewable generation products both in California and across the country.
"We are thrilled to have reached a successful closing on the Cald project, located in the Los Angeles Basin, where California utilities need extensive new flexible capacity resources to offset thermal generation retirements and better integrate renewable energy generation," said Aypa Power CEO Moe Hajabed. "Aypa is poised to materially contribute to California's renewable energy and storage goals, and the Cald project will expedite our operational presence in the state."
"Eolus' goal is to develop high-quality projects that contribute to meeting climate targets and maintaining reliable electrical grids. The sale of Cald is proof that we are doing exactly what we set out to do, and as this is our pioneer sale of a stand-alone energy storage project, it doubles as an important milestone for our team. We are excited to partner with Aypa and to participate in the continued development of this project, and very much look forward to seeing this project built successfully, and its positive contribution to the state of California," said Eolus US Country Manager Hans-Christian Schulze.
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