ENGIE North America has partnered with CBRE Investment Management to grow its battery storage presence across the U.S. The deal includes a 2.4 GW portfolio made up of 31 battery energy storage projects spread across Texas and California.
It’s one of ENGIE’s biggest operating partnerships in the country and ranks among the largest battery storage asset transactions in the sector.
Even after the deal, ENGIE remains in control. The company will continue to operate the assets while CBRE brings in new capital to support future growth.
Massive Deal with CBRE Boosts Engie’s Clean Energy Ambitions
ENGIE North America is based in Houston, Texas. It’s part of the global ENGIE Group, investing more than €10 billion each year to lead the global energy transition.
The press release revealed that the 2.4 GW battery storage capacity spans 31 projects in the ERCOT and CAISO markets. ENGIE remains the majority owner and operator of the assets. CBRE Investment Management, which has over $149 billion in assets, joins as a strategic partner in this large-scale clean energy expansion.
Robert Shaw, Managing Director, Private Infrastructure Strategies at CBRE Investment Management, commented,
“We are excited to partner with ENGIE on this high-quality, scaled battery storage portfolio with a strong operating track record. This investment reflects our proven strategy of investing in infrastructure 2.0 assets that leverage the breadth of the CBRE IM platform and benefit from strong contracted revenue and macro digitalization and decarbonization tailwinds.”
Thus, this partnership supports ENGIE’s strategy to accelerate clean energy deployment.
Dave Carroll, Chief Renewables Officer and SVP, ENGIE North America, said,
“We are delighted that ENGIE and CBRE IM are partnering in this industry-leading transaction, supporting 2.4 GW of storage that will support the growing demand for power in Texas and California. The scale of this portfolio reflects ENGIE’s commitments to meeting the energy needs of the U.S. and increasing the resilience of the ERCOT and CAISO grids. CBRE IM’s investment reflects their confidence in ENGIE’s proven track record in developing, building, operating and financing renewable assets, both in North America and globally.”
North America’s Battery Storage Market Set to Soar by 2030
The battery energy storage market in North America is on a strong growth path. According to Grand View Research, the market is projected to hit $10.72 billion by 2030, growing at a compound annual growth rate (CAGR) of 30.7% from 2024 to 2030.
Back in 2023, the market brought in around $1.65 billion in revenue. Among all applications, the commercial sector led the way, generating the highest revenue that year.
With rising demand for grid stability, clean energy integration, and backup power, battery storage systems are quickly becoming a key part of North America’s energy future.
North America battery energy storage systems market, 2018-2030 (US$M)
Another company that is growing its solar footprint across North America is SolarBank Corporation (NASDAQ: SUUN; Cboe CA: SUNN; FSE: GY2).
Recently, it signed a $100 million deal with a California-based real estate and infrastructure investor, CIM Group, to support solar projects of 97 megawatts (MW) across the country.
SolarBank also develops renewable energy projects in Canada and the USA, and its Battery Energy Storage System (BESS) project in Ontario is of paramount priority.
Leading the Storage Surge
In North America, ENGIE now has more than 11 GW of renewable and battery storage projects, both operating and under construction.
Of this, 25 grid-scale storage projects already deliver nearly 2 GW of capacity, and another 2 GW is being built. Globally, ENGIE aims to reach 10 GW of energy storage capacity by 2030.
Battery storage plays a key role in the energy transition. It helps balance the grid by storing electricity from renewable sources and releasing it when demand spikes or supply drops. This improves reliability and reduces emissions.
More Than Just Storage: ENGIE’s Full Energy Stack
ENGIE’s energy solutions go beyond batteries. The company delivers on-site solar with integrated storage, helping businesses reduce their energy costs while using clean power during peak demand hours.
It also develops district energy systems and central plants that provide heating, cooling, and electricity for large campuses, hospitals, and data centers.
In addition, ENGIE
- Builds microgrids for backup power during outages
- Designs electric vehicle charging stations for fleets.
- Upgrade HVAC systems, lighting, and building controls to boost energy efficiency.
- Converts organic waste into renewable natural gas
ENGIE supplies renewable energy directly to customers through long-term contracts and Renewable Energy Credits. It has been offering retail electricity in North America since 2002 and continues to support clients with customized green energy solutions, including both physical and virtual power purchase agreements.
Notably, its community solar programs have 100 MW of solar energy capacity.
Engie’s 2045 Net Zero Target
ENGIE has set bold climate targets. It plans to reach net zero across all scopes by 2045. By 2030, it aims for 80 GW of renewable capacity and wants renewables to make up 58% of its total electricity mix.
Recently, the company also signed a preliminary agreement with Cipher Mining Inc. to expand its renewable energy portfolio to supply 300 MW of clean wind energy to a new data center in Texas. This marks ENGIE’s entry into the AI-driven data infrastructure space with a sustainable twist.
Its greenhouse gas targets for 2030 include removing 43 million metric tons from electricity, heat, and cooling, 52 million metric tons from fossil gas use, and zero emissions from its operations.
ENGIE’s energy services also help customers avoid up to 45 million metric tons of emissions, making it a key player in global decarbonization.
In 2023, it reduced the carbon intensity of its energy production to 131.4 grams of CO₂ equivalent per kilowatt-hour, marking a 13.4% drop from 2022 and a 70.3% decrease since 2012.
The company’s Scope 1 emissions, which cover direct CO₂ emissions, dropped by more than 5.5 million tons throughout the year. It fell from 30 million tons in 2022 to 24.5 million tons in 2023, a total reduction of 18.2%.
ENGIE’s new partnership with CBRE Investment is a big step toward a cleaner energy future. By growing its battery storage projects in Texas and California, ENGIE is helping make the power grid more reliable and supporting America’s energy transition.
