ENGIE North America has entered into a strategic partnership with funds managed by CBRE Investment Management (CBRE IM) on a 2.4-gigawatt portfolio of battery storage assets located in Texas and California.
The portfolio includes 31 operational projects within the Electric Reliability Council of Texas (ERCOT) and California Independent System Operator (CAISO) markets. ENGIE will maintain a controlling interest and continue managing and operating the assets.
The deal marks one of ENGIE’s largest operating portfolio partnerships in the U.S. to date and represents one of the biggest transactions in the battery storage sector.
“We are delighted that ENGIE and CBRE IM are partnering in this industry-leading transaction,” said Dave Carroll, Chief Renewables Officer and Senior Vice President at ENGIE North America. “This 2.4 GW of storage capacity will help meet rising energy demands and improve grid resilience in both Texas and California.”
Carroll emphasized the transaction aligns with ENGIE’s broader North American strategy—allowing it to recycle capital while bringing on a globally recognized investment partner. ENGIE currently has over 11 GW of renewable energy and battery storage assets either in operation or under construction in North America.
Robert Shaw, Managing Director of Private Infrastructure Strategies at CBRE IM, added, “We are excited to partner with ENGIE on this high-quality portfolio. This investment reflects our strategy of backing infrastructure assets that are supported by long-term revenue, and that align with major trends in digitalization and decarbonization.”
The partnership underscores growing investor interest in large-scale energy storage as a key part of the transition to a more resilient and renewable-powered energy grid.
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