San Francisco and New York: Advanced Microgrid Solutions (AMS) announced the completion July 11 of a transaction with Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie Group, to provide capital for the joint development and construction of a US$ 200 million fleet of the company’s landmark energy storage projects.
Under the agreement, Macquarie will provide project capital that will be used to design, construct and manage a distributed fleet of AMS’s advanced energy storage facilities located at commercial, industrial and government host sites. The energy storage systems will be used for utility grid services, including flexible and reserve capacity, solar integration and voltage management in addition to retail energy services such as demand management, back up generation and enhanced power quality.
AMS’s first projects will provide 300 megawatt-hours of capacity resources and demand management for utilities and certain commercial, industrial water and university customers in the West Los Angeles Basin service territory of Southern California Edison. SCE, which is California’s second largest utility, will purchase capacity from the AMS fleet of behind-the-meter, battery-based energy storage systems under 10-year capacity contracts to provide load reduction services as part of SCE’s plan to modernize the grid by 2022.