Battery storage: Renewable energy transition key player

JUNE 2023

Battery storage systems have become an essential component of renewable energy infrastructure as the world seeks to transition away from fossil fuels. It helps to ensure a reliable and consistent supply of electricity, especially in areas where renewable energy sources like wind and solar are prevalent. Many states are turning to clean energy as a critical step to decarbonizing the transportation and power sectors, which are responsible for 55% of greenhouse gas emissions in the United States.

Siemens Financial Services (SFS) is at the forefront of financing battery storage projects, having financed 2,100 MW / 5,411 MWh of standalone battery storage in the Americas in recent years, along with additional capacity as part of solar plus storage projects. Most recently, SFS helped various customers including EnerSmart, Javits Center, Clearway Energy Group, and others achieve their goals.

EnerSmart is developing intelligent energy storage systems that use predictive analytics and big data to make the electric grid more reliable. The San Diego-based company required financing to provide critical battery infrastructure for energy storage in the San Diego area. SFS and the North American Development Bank (NADBank) provided a $78.2 million loan facility to finance the development and operation of EnerSmart’s utility-scale energy storage projects. The portfolio will be capable of storing up to 330 MWh of electricity, the equivalent of supplying 110,000 customers for up to two hours. The projects will help integrate electricity generated by intermittent renewable energy sources such as wind and solar, displacing carbon emissions.