Key Takeaways
- • ENGIE North America entered a partnership with funds managed by CBRE Investment Management (CBRE IM) on a 2.4 GW portfolio of 31 operating battery storage projects in Texas and California.
- • The transaction is one of ENGIE's largest operating portfolio partnerships in the U.S. and one of the largest sector sales completed to date, according to ENGIE's announcement.
- • ENGIE retains a controlling share of the portfolio and will continue to operate and manage the assets, while recycling capital.
- • The projects sit in ERCOT (Texas) and CAISO (California) territories, two of the most active U.S. battery storage markets.
- • ENGIE currently has more than 11 GW of renewable production and battery storage in operation or construction in North America.
Summary
ENGIE North America announced that it has entered into a partnership with funds managed by CBRE Investment Management (CBRE IM) on a 2.4 GW portfolio of battery storage assets in Texas and California, according to the company's press release distributed via PR Newswire on May 15, 2025. The portfolio consists of 31 projects in operation across the Electric Reliability Council of Texas (ERCOT) and California Independent System Operator (CAISO) territories. ENGIE described the transaction as one of its largest operating portfolio partnerships in the U.S. and one of the largest sales of its kind completed in the sector to date.
Under the structure, ENGIE will retain a controlling share of the portfolio and will continue to operate and manage the assets. The company said the deal supports its North American strategy by simultaneously recycling capital and adding a globally recognized investor to its select pool of partners. ENGIE also stated that battery storage contributes to its objective of reaching 95 GW of installed renewable and storage capacity by 2030.
Dave Carroll, Chief Renewables Officer and SVP at ENGIE North America, said the scale of the portfolio reflects ENGIE's commitments to meeting U.S. energy needs and increasing grid resilience in ERCOT and CAISO. He cited CBRE IM's confidence in ENGIE's track record in developing, building, operating and financing renewable assets. ENGIE currently has more than 11 GW of renewable production and battery storage in operation or construction in North America.
Robert Shaw, Managing Director of Private Infrastructure Strategies at CBRE Investment Management, described the portfolio as high-quality and scaled with a strong operating track record. He said the investment reflects CBRE IM's strategy of investing in what it calls infrastructure 2.0 assets, which benefit from strong contracted revenue and digitalization and decarbonization tailwinds. CBRE IM manages $149.1 billion in real assets AUM as of March 31, 2025, per its disclosure.
The full financial terms of the transaction were not disclosed in the materials reviewed.
Under the structure, ENGIE will retain a controlling share of the portfolio and will continue to operate and manage the assets. The company said the deal supports its North American strategy by simultaneously recycling capital and adding a globally recognized investor to its select pool of partners. ENGIE also stated that battery storage contributes to its objective of reaching 95 GW of installed renewable and storage capacity by 2030.
Dave Carroll, Chief Renewables Officer and SVP at ENGIE North America, said the scale of the portfolio reflects ENGIE's commitments to meeting U.S. energy needs and increasing grid resilience in ERCOT and CAISO. He cited CBRE IM's confidence in ENGIE's track record in developing, building, operating and financing renewable assets. ENGIE currently has more than 11 GW of renewable production and battery storage in operation or construction in North America.
Robert Shaw, Managing Director of Private Infrastructure Strategies at CBRE Investment Management, described the portfolio as high-quality and scaled with a strong operating track record. He said the investment reflects CBRE IM's strategy of investing in what it calls infrastructure 2.0 assets, which benefit from strong contracted revenue and digitalization and decarbonization tailwinds. CBRE IM manages $149.1 billion in real assets AUM as of March 31, 2025, per its disclosure.
The full financial terms of the transaction were not disclosed in the materials reviewed.
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