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					</table>The U.S. energy storage market saw breakneck growth in 2023, shattering previous installation records across multiple segments, as the country added 8.7 GW of new energy storage capacity.
Installations across all segments were up 90% compared to 2022, just shy of doubling year-over-year, according to a report by <a href="https://www.woodmac.com/" target="_blank" rel="noopener">Wood Mackenzie</a> and <a href="https://cleanpower.org/" target="_blank" rel="noopener">American Clean Power Association</a>.
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-64710" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Wood-Mac-Energy-Storage-Report-Chart-1.png" alt="Wood Mac Energy Storage Report Chart 1" width="602" height="281" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Wood-Mac-Energy-Storage-Report-Chart-1.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Wood-Mac-Energy-Storage-Report-Chart-1-300x140.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Wood-Mac-Energy-Storage-Report-Chart-1-600x280.png 600w" sizes="(max-width: 602px) 100vw, 602px" />
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The grid-scale segment, comprising large utility-scale storage projects, spearheaded this growth, adding 7.9 GW and 24,000 MWh of new capacity in 2023 – a 98% increase over 2022. This segment accounted for 90% of all installations nationwide last year.
California and Texas were the frontrunners, contributing 77% of the grid-scale additions in the fourth quarter alone. California deployed 56% of the quarter’s capacity, bringing online 6,593 MWh.
Residential Storage Booms
The residential storage market surpassed 703 MW of installed capacity in 2023, rising 41% from last year. California became the first state to install over 100 MW of residential storage in the fourth quarter, setting a new record and accounting for 48% of total residential storage in the quarter.
Driven by a myriad of storage incentives, Puerto Rico narrowly edged out California to become the largest residential market in 2023, installing 287 MW.
The report forecasts that the residential segment will continue its upward trajectory, with over 9 GW of new capacity additions projected over the next five years.
CCI Segment Stagnates
While the grid-scale and residential segments soared, the community-scale, commercial, and industrial (CCI) segments remained relatively stagnant, increasing only 4% to 123 MW in 2023. Despite a strong fourth quarter in Massachusetts, the state failed to grow its annual CCI installations compared to 2022.
New York, however, emerged as the largest CCI market in Q4, deploying 12 MW of storage capacity. But it also failed to grow compared to last year.
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-64711" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Wood-Mac-Energy-Storage-Report-Chart-2.png" alt="Wood Mac Energy Storage Report Chart 2" width="602" height="296" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Wood-Mac-Energy-Storage-Report-Chart-2.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Wood-Mac-Energy-Storage-Report-Chart-2-300x148.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/03/Wood-Mac-Energy-Storage-Report-Chart-2-600x295.png 600w" sizes="(max-width: 602px) 100vw, 602px" />
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Falling Prices 
In the fourth quarter, battery prices saw a significant reduction, driven by subdued electric vehicle demand in both the EU and the U.S., coupled with an oversupply of battery-grade lithium raw materials.
At the same time, China-based original equipment manufacturers aggressively entered the market, offering direct current blocks at competitive rates to seize a larger market share. Despite this price competition, not all developers are swayed from the conventional full alternating current block solution typically provided by established integrators.
Wood Mackenzie anticipates continued growth, with 59 GW of new energy storage capacity additions projected across all segments from 2024 to 2028. The residential segment is expected to climb to 2.1 GW in annual installations by 2028, while the C&amp;I segment is projected to reach 1.2 GW annually.
The global energy storage sector <a href="https://www.mercomindia.com/energy-storage-record-vc-funding-2023" target="_blank" rel="noopener">secured</a> a record $9.2 billion in funding in 2023, up 59% from last year, according to Mercom Capital Group’s <a href="https://mercomcapital.com/product/annual-q4-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Annual and Q4 2023 Funding and M&amp;A Report for Storage &amp; Grid.</a>
The U.S. Energy Information Administration <a href="https://www.mercomindia.com/us-43-gw-solar-30-gw-battery-eia" target="_blank" rel="noopener">predicts</a> that solar power will emerge as the primary driver of electricity generation growth in 2024 and 2025, adding 36 GW and 43 GW of new solar capacity, respectively.

US Energy Storage Grows at Record Pace with 8.7 GW, Nearly Doubling in 2023

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					</table>California-based electric vehicle charging infrastructure company <a href="https://terawattinfrastructure.com/" target="_blank" rel="noopener">TeraWatt</a> has secured over $1 billion of institutional capital to support the buildout of its fleet-focused charging centers and operations.
Funds managed by Vision Ridge Partners have invested in TeraWatt alongside existing investors Keyframe Capital and Cyrus Capital, which have increased their commitments to the company.
TeraWatt, launched in 2021, is accelerating the decarbonization of transport with a purpose-built platform that combines an EV charging-focused property portfolio, asset financing capabilities, project development, and charging and energy management expertise.
The company said it would use the capital raised to accelerate its next phase of development and expansion. The expansion plans aim to grow its portfolio of charging centers while skilling up the team to support the development works.
TeraWatt works with fleets across light, medium, and heavy-duty vehicles, leveraging a property portfolio that spans core metro areas, logistics hubs, and key highway corridors.
The company develops and owns charging centers bringing them online with in-house expertise and experience, enabling fleets to avoid capital expenditure and focus on their operations.
Co-founder and CEO of TeraWatt Neha Palmer observed, “Fleets are electrifying faster than ever, and we have been hard at work planning, building charging centers, and scaling up to make this transition easier for fleets. We are thrilled to receive this additional capital commitment from Keyframe Capital and Cyrus Capital, along with new support from Vision Ridge, which is well-recognized for its track record of investing in and growing EV charging platforms.”
Managing Director at Vision Ridge Partners Paul Luce said, “The future of electrified transport is at a critical inflection point, whereby solutions for large-scale EV charging infrastructure must be established to meet the increasing demand for electrification of all fleets. We are thrilled to support TeraWatt, a distinctive platform with transformational permanent solutions for organizations seeking to continue operating their fleets while decreasing their carbon footprint.”
Earlier this year, the U.S. Department of Energy announced <a href="https://mercomindia.com/us-96-million-funding-expand-ev-charging/" target="_blank" rel="noopener">funding</a> of $96 million to expand E.V. charging accessibility and maximize EV efficiency and affordability.

EV Charging Infrastructure Company TeraWatt Raises $1 Billion

<a href="https://www.edf-re.com/" target="_blank" rel="noopener">EDF Renewables</a> North America, a wholly-owned subsidiary of the French utility EDF Group, announced that its three solar plus energy storage projects were awarded long-term contracts by the New York State Energy Research and Development Authority (<a href="https://www.nyserda.ny.gov/" target="_blank" rel="noopener">NYSERDA</a>).
The contracts awarded comprise 1 GW of solar and storage projects that would deliver clean energy to the state.
Two contracts were approved for EDF’s two 350 MW solar energy centers, each with 20 MW of co-located storage sites spread across approximately 2,000 acres in Ridge View, Columbia, and Litchfield in Herkimer County and Hartland in Niagara County.
NYSERDA approved a third contract for EDF’s 240 MW solar energy center that operates with 20 MW of co-located storage spread across approximately 1,500 acres at Rich Road in Canton, St. Lawrence County.
EDF Renewables said that NYSERDA approved the contracts for the three projects as part of the 2021 solicitation for large-scale renewable energy certificates.
The power consumption of over 243,000 average households in New York would be met with full capacity electricity generation through the projects and help mitigate close to 880,000 million metric tons of carbon emissions annually.
The projects are part of EDF’s community engagement plans which include annual scholarships for students in the project area school districts interested in the trades or clean energy.
EDF Renewables’ Senior Director of Development for the Northeast region, Stephane Desdunes, observed, “The projects will create approximately 1,290 prevailing wage and union construction jobs in upstate New York during peak construction and contribute millions of dollars to the Counties, Towns and School Districts during the operational life of the projects. With more than 1,000 MW of solar and storage projects under development, we look forward to working with NYSERDA and New York State to achieve the 70% goal by 2030 and deliver clean energy to the residents of New York.”
NYSERDA’s President and CEO, Doreen M. Harris, said, “NYSERDA will work closely with EDF Renewables to ensure the communities hosting these projects are engaged throughout the development process. The observations help protect our valuable agricultural lands and benefit the state and local economies alike.”
EDF’s three projects are among the 22 large-scale solar projects, including six projects with energy storage, across New York that were awarded.
In May 2021, EDF Renewables <a href="https://mercomindia.com/daily-news-solar-projects-us/" target="_blank" rel="noopener">procured</a> three contracts from NYSERDA to deploy solar projects totaling 303 MW in New York. NYSERDA awarded the contracts as part of the 2020 Renewable Energy Solicitation Program to achieve the state’s target of 70% electricity generation from renewable energy by 2030.
The U.S. government has ramped up measures to add more clean energy to the country’s grid. Recently, the Biden government <a href="https://mercomindia.com/us-doe-launches-i2x-initiative/" target="_blank" rel="noopener">launched</a> the Interconnection Innovation e-Xchange (i2X) initiative through the Department of Energy to reduce the waiting period for clean energy sources in interconnection queues while lowering the grid connection rates.

New York State Awards 1 GW of Solar Plus Energy Storage Projects to EDF Renewables

The New York State Energy Research and Development Authority (<a href="https://www.nyserda.ny.gov/" target="_blank" rel="noopener">NYSERDA</a>) and the New York State Department of Public Service (DPS) have submitted a comprehensive roadmap to expand the state’s successful NY-Sun initiative into one of the nation’s most extensive and cost-effective solar programs.
In her statement while announcing the new set of policy recommendations last month, New York Governor Kathy Hochul said that the state plans to expand the distributed solar capacity by 4 GW, achieving its 10 GW target by 2030, enough to annually power nearly 700,000 homes and generate an additional 6,000 jobs in the industry.
As per the state’s Climate Leadership and Community Protection Act (Climate Act) mandate, the state is expected to generate 70% of its electricity from renewables by 2030.
The program is expected to cost approximately $1.47 billion, which will be collected from the electricity ratepayers at the cost of $0.00082/kWh over 11 years from 2022 through 2032.
Expanding the state’s solar goal is expected to have an average bill impact for New York customers of less than one percent or approximately $0.71 per month for the average residence. This rate will vary by year based on expenditures, and the consumers can expect an increase of up to $0.92 per month.
According to the NYSERDA, the state already has a 6 GW of solar capacity, either installed or officially in the pipeline, as a part of the first phase of this energy procurement program. The remaining incremental 4 GW capacity is expected to be built using approximately $4.4 billion additional private investment.
NYSERDA and DPS plan to implement multiple strategies to deploy the 10 GW distributed solar power capacity target, like projects under 5 MW in size, rooftop installations, and community solar projects, as a part of the state’s transition to a clean energy economy.
The roadmap recommends a geographical and segment-based breakdown of incentive blocks for the incremental 4 GW target. The Con Edison area target is set at 150 MW each from residential, small, and large commercial projects. The upstate target from commercial and industrial (C&amp;I) is at 2.9 GW and 607 MW in Long Island and upstate unincentivized projects.
The program expansion will also deliver at least 35% of the benefits with a goal of 40% from the investments to statutorily defined disadvantaged communities and low to moderate-income New Yorkers.
According to the latest US Solar Market Insight <a href="https://mercomindia.com/us-adds-5-7-gw-solar-capacity-q2-2021/" target="_blank" rel="noopener">report</a> published by the Solar Energy Industries Association (SEIA) and Wood Mackenzie, the U.S. solar market installed a record of 5.7 GW of solar capacity in Q2 2021 alone. It is expected to add an average of over 29 GW of solar capacity annually through 2026.
To align with the Biden administration’s new clean energy goals, the SEIA also recently <a href="https://mercomindia.com/us-solar-industry-new-goal/" target="_blank" rel="noopener">increased</a> its target for Solar+ Decade to account for 30% of overall power generation in the U.S. by 2030.

New York’s Distributed Solar Roadmap Aims at an Additional 4 GW by 2030

From: <a href="https://mercomcapital.com/project-finance-brief-sonnedix-and-cox-energy-chile/" target="_blank" rel="noopener">Mercom Capital Group</a>
Sonnedix, the global solar independent power producer, and Cox Energy América, a solar energy company, <a href="https://www.sonnedix.com/news/sonnedix-and-cox-energy-america-obtains-usd-120m-financing-for-160mw-sonnedix-meseta-de-los-andes-solar-pv-plant-in-chile" target="_blank" rel="noopener">closed</a> a $120 million financing from Sumitomo Mitsui Bank Corporation through the joint venture Sonnedix Cox Energy Chile, on which Sonnedix holds a 70%, while Cox Energy América has the remaining 30%. The financing will cover the IPP’s 160 MW development project Sonnedix Meseta de Los Andes solar PV project, in Chile. The project is located in the Valparaíso Region of Chile, in the municipalities of Calle Larga and Los Andes.
Clearway Energy, a renewable energy project developer, <a href="https://www.clearwayenergygroup.com/press-releases/clearway-completes-financing-on-its-seventh-community-solar-fund/" target="_blank" rel="noopener">closed</a> more than $195 million in debt financing for its Community Solar Fund 7 – a diversified portfolio of 12 projects totaling 71 MW that will serve commercial and industrial customers and around 3,600 residential customers across Illinois and Massachusetts. For the debt financing, Fifth Third Bank and KeyBanc Capital Markets acted as Coordinating Lead Arrangers and Joint Bookrunners, while MUFG Union Bank served as Joint Lead Arranger and Joint Bookrunner for construction and term debt financing.
Brazil&#8217;s National Development Bank has <a href="https://renewablesnow.com/news/bndes-okays-financing-for-700-mw-brookfield-solar-complex-in-brazil-741879/" target="_blank" rel="noopener">approved</a> BRL 1.47 billion (~$278 million) in financing for the 700 MW Janauba solar complex owned by a local unit of Canada&#8217;s Brookfield Asset Management. Located in Minas Gerais state, the photovoltaic complex consists of 14 solar farms. The finance, which corresponds to 72% of the total project cost of BRL 2.04 billion (~$385 million), was given to Elera Renovaveis, formerly Brookfield Energia Renovavel.
Distributed Solar Development, a commercial and industrial solar installation company, <a href="https://www.businesswire.com/news/home/20210520005342/en/DSD-Secures-85M-in-Tax-Equity-Financing-from-Bank-of-America-to-Support-Expanding-Pipeline-of-Distributed-Generation-Solar-Through-2021/?feedref=JjAwJuNHiystnCoBq_hl-Ypx8OuIA-qqxXAfOC1go22PU1fv-fCAtwybrddq94az7dI9_69nqXXndEkzoNy31peBvhKXN8xoKDPrCnMXhC58cMd5Jhr97vTYoLZQbGkSFja_QkRbjKVqSkUPuEMBEw==" target="_blank" rel="noopener">raised</a> $85 million in tax equity financing from Bank of America to support its expanding pipeline of distributed generation solar projects in the commercial and industrial market through 2021, with a sizeable portion going toward New York State Energy Development and Research Authority Value of Distributed Energy Resources assets.
NTR, a sustainable infrastructure investor and asset manager that acquires, constructs, and manages renewable energy projects, <a href="https://www.ntrplc.com/news/article/ntrs-86-mw-norra-vedbo-wind-farm-reaches-financial-close-reichmuth-infrastr" target="_blank" rel="noopener">announced</a> the €115 million (~$140 million) financial close for its 86 MW Norra Vedbo wind farm located in the county of Jönköping, in Southern Sweden. Reichmuth Infrastructure II CIP joins as co-investor into the project alongside NTR’s Renewable Energy Income Fund II, while Skandinaviska Enskilda Banken (SEB), is providing debt finance. EY acted as financial advisor to NTR on the co-investment transaction. The Norra Vedbo project consists of 20 Vestas V150 turbines, each with an installed capacity of 4.3 MW.
Private equity fund Amber Capital Armenia, supported by the European Bank for Reconstruction and Development and the European Union, <a href="https://www.ebrd.com/news/2021/ebrd-and-eubacked-fund-invests-in-armenias-renewable-energy-sector-.html" target="_blank" rel="noopener">acquired</a> Solis, an Armenian solar plant operator, to build and operate a 4 MW photovoltaic solar power plant in Aragatsotn, western Armenia. The facility is expected to be operational by the end of 2021 and generate 7.5 GWh of clean energy per year, resulting in 3,200 tons of avoided CO2 emissions annually.
ENGIE Romania, the Romanian arm of French multinational electric utility company ENGIE has <a href="https://www.engie.ro/engie-romania-a-achizitionat-un-parc-fotovoltaic-operational/" target="_blank" rel="noopener">completed</a> the acquisition of an operational PV project, with a total installed capacity of 5.46 MW, from a company owned by two German investors. The photovoltaic project is located in the southern part of Romania, in the village of Nenciulești in Teleorman County.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s project finance <a href="https://mercomindia.com/project-finance-brief-sonnedix-raises/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Sonnedix and Cox Energy Secure $120 Million for Solar Projects in Chile

From: <a href="https://mercomcapital.com/project-finance-brief-goldman-sachs-renewable-arm/" target="_blank" rel="noopener">Mercom Capital Group</a>
CS Energy, an integrated energy firm that designs and builds optimized projects in the solar, storage, and emerging energy industries, has <a href="https://www.prnewswire.com/news-releases/cs-energy-and-goldman-sachs-renewable-power-group-partner-to-deliver-216-mwdc-of-utility-scale-solar-in-new-york-301277832.html" target="_blank" rel="noopener">partnered</a> with the Goldman Sachs Renewable Power Group and the New York State Energy Research and Development Authority to develop and construct 216 MW of new utility-scale solar projects across New York. The projects represent over $160 million of private investment and are expected to generate over $80 million in benefits for local communities and regions.
Tri Global Energy, a developer of utility-scale renewable energy projects, has <a href="https://www.prnewswire.com/news-releases/tri-global-energy-announces-sale-of-580-mw-of-indiana-wind-and-solar-projects-to-leeward-renewable-energy-301276434.html" target="_blank" rel="noopener">entered</a> into an agreement to sell two renewable energy projects – the 180 MW Hoosier Line Wind project and the 400 MW Honey Creek Solar project – to Leeward Renewable Energy, a renewable energy company that owns and operates a portfolio of approximately 2,000 MW of generating capacity. The wind and solar power projects, located in White County in northwestern Indiana, are targeted to be operational as early as 2023. Great Bay Renewables, a joint venture company between certain funds managed by affiliates of Apollo Global Management, and Altius Renewable Royalties, are providing royalty financing in support of Tri Global Energy completing and funding these projects&#8217; development through the start of construction.
Clime Capital, the Singapore-based investment management company, <a href="https://www.seacef.org/post/seacef-invests-in-vietnamese-solar-energy" target="_blank" rel="noopener">announced</a> that it has invested in the development phase of a floating solar and storage project in Dong Nai Province, Vietnam, under development by Blueleaf Energy. The development comprises a floating solar and storage peaking plant with a target capacity of 500 MW floating PV with a battery energy storage system (BESS) up to 200 MWh capacity.
Advanced Power, a global developer, owner, and asset manager of modern power infrastructure <a href="https://www.prnewswire.com/news-releases/advanced-power-achieves-financial-close-of-140-mwdc-cutlass-solar-project-in-fort-bend-county-texas-301279373.html" target="_blank" rel="noopener">closed</a> the financing for Cutlass solar project, a 140-MWdc photovoltaic solar electric generating facility located in Fort Bend County, Texas. Advanced Power, together with its co-investors, ENEOS Corporation and Fuyo General Lease Company, are the owners of the facility. CIT Bank, N.A., Credit Agricole Corporate &amp; Investment Bank, and Amalgamated Bank are providing senior secured credit facilities to Cutlass Solar. CIT acted as coordinating lead arranger, administrative agent, collateral agent, and depositary bank for the transaction.
Origo Energia, the Brazilian solar-focused energy company, <a href="https://renewablesnow.com/news/origo-energia-bags-usd-19m-loan-for-dg-solar-projects-in-brazil-739043/" target="_blank" rel="noopener">closed</a> a BRL 106 million (~$19.3 million) mezzanine financing deal for new solar projects. The loan, granted by Blue like an Orange Sustainable Capital Fund, will be used to foster Origo Energia&#8217;s growth in the solar distributed generation sector, the lender announced last week. Specifically, Origo Energia will use the funds to develop new projects for residential consumers as well as small and medium-sized companies.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s project finance <a href="https://mercomindia.com/project-finance-brief-opdenergy/" target="_blank" rel="noopener">brief</a>.

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