Convergent Energy + Power Partners with National Grid

Rhea-AI Summary

Convergent Energy + Power has completed a solar-plus-storage system in Cicero, New York, providing a non-wires-alternative for National Grid customers. This 10 MW/40 MWh energy storage system is designed to deliver sustainable, reliable electricity while utilizing solar energy during non-peak times. Selected through a competitive bidding process, Convergent's system aims to enhance reliability and capacity at the Pine Grove substation. The project benefits from financing by NY Green Bank, which contributed nearly $2.3 million through its NY-Sun Program, promoting renewable energy initiatives in New York State.

Positive

• Completion of a solar-plus-storage system enhances energy reliability for National Grid customers.
• Convergent selected through a competitive bidding process, indicating strong market position.
• Financing of nearly $2.3 million from NY Green Bank supports project sustainability.

Negative

• None.

One of the first solar-plus-storage systems providing a non-wires-alternative to deliver sustainable, cost-effective, and reliable electricity to National Grid customers

NEW YORK, May 24, 2022 /PRNewswire/ -- Convergent Energy + Power, a leading provider of energy storage solutions in North America, and National Grid, an electricity, natural gas, and clean energy delivery company serving more than 20 million people throughout New York and New England, today announced the completion of one of the first solar-plus-storage systems providing a non-wires-alternative (NWA). The system, designed, constructed, and operated by Convergent, will deliver more cost-effective, reliable, and sustainable electricity to National Grid customers in Cicero, New York, while leveraging solar energy during nonpeak periods.

An NWA removes or defers the need to construct or upgrade components of a distribution and/or transmission system. Energy storage (typically battery storage) is a type of NWA that offers utilities a way to increase capacity on the electric grid by charging the batteries when electricity demand is low and discharging when demand outstrips supply. Convergent's NWA with National Grid pairs battery energy storage with solar energy (solar-plus-storage).

Through a competitive bidding process, National Grid selected Convergent to cost-effectively increase capacity at its Pine Grove substation, increasing benefits for customers while increasing the amount of solar energy on the grid. National Grid will utilize the system on peak days to provide seamless reliability to customers served by the substation. During off-peak days, Convergent will participate in the market to provide clean energy for National Grid customers.

"National Grid is committed to reducing greenhouse gas emissions by increasing the amount of renewable energy on the grid while improving reliability and affordability for customers," said Brian Gemmell, National Grid's Chief Clean Energy Development Officer. "Our recently released Clean Energy Vision plan outlines a pathway to achieve a fossil-free future to our energy systems that incorporates renewable sources of energy and storage solutions such as this NWA Pine Grove. Convergent Energy + Power's expertise in developing and operating energy storage solutions that benefit utilities and communities made them a natural fit for this project."

"We are thrilled to collaborate with National Grid, a leader in implementing technologies that benefit customers, the electric grid, and the planet," said Frank Genova, Convergent's Chief Operating and Financial Officer. "Convergent Energy + Power continues to move the energy storage sector—and clean energy transition—forward to address the increasing needs of our customers."

NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA), which invests in clean energy and sustainable infrastructure in New York State, provided the construction-to-term financing for the project. NYSERDA also provided a total of nearly $2.3 million for the project through its NY-Sun Program, the state's $1.8 billion initiative to advance the scale-up of solar while driving costs down and making solar energy more accessible to homes, businesses, and communities.

Greg Randolph, Head of Investment and Portfolio Management, NY Green Bank said, "NY Green Bank is proud to work with Convergent Energy + Power to create a market-based model for construction and term financing for solar-plus-storage projects in New York State. We look forward to seeing private investment in this asset class at-scale, which will be critical in building the clean, smart grid of the future."

NYSERDA Vice President, Distributed Energy Resources David Sandbank said, "In New York, private-public partnerships are a centerpiece of the state's efforts to accelerate the development of these critical distributed resources to bring the benefits of clean energy into more homes and businesses while providing grid benefits utility wide. We look forward to working with Convergent Energy + Power and National Grid to see that this solar-plus-storage project delivers clean, affordable solar energy to central New York customers for years to come."

Convergent's 10 MW/40 MWh of energy storage paired with 15 MWdc of solar for National Grid is part of Convergent's portfolio of eight solar-plus-storage systems in Central and Upstate New York. The solar-plus-storage system was constructed by CS Energy. GE provided the DC-Coupled energy storage package.

Convergent has over a decade of expertise developing energy storage and solar-plus-storage solutions. In 2015, Convergent was the first company to develop an NWA for utility infrastructure in the United States. Now, the company is one of the first to develop a solar-plus-storage system providing an NWA.

About Convergent
Convergent Energy + Power (Convergent) is a leading provider of energy storage solutions in North America. Convergent has over a decade of experience financing and managing all aspects of the energy storage development cycle to help customers reduce electricity costs and increase reliability. The company's commercial, industrial, and utility-scale assets can yield seven-figure savings while advancing the clean energy transition. Convergent's proprietary asset management platform, PEAK IQ® leverages machine learning and deep market knowledge to optimize asset performance and maximize value. With over $400M invested in projects in operation or allocated to projects under development, Convergent is a leading independent owner and operator of energy storage and solar-plus-storage solutions. For more information, visit convergentep.com or follow us on LinkedIn or Twitter.

About National Grid
National Grid (NYSE: NGG) is an electricity, natural gas, and clean energy delivery company serving more than 20 million people through our networks in New York, Massachusetts, and Rhode Island. National Grid is transforming our electricity and natural gas networks with smarter, cleaner, and more resilient energy solutions to meet the goal of reducing greenhouse gas emissions. For more information, please visit our website, follow us on Twitter, watch us on YouTube, friend us on Facebook, and find our photos on Instagram.

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SOURCE Convergent Energy + Power

FAQ

What is the significance of the solar-plus-storage system completed by Convergent Energy for National Grid?

The solar-plus-storage system provides a non-wires-alternative, helping to deliver sustainable and reliable electricity to National Grid customers.

How does the solar-plus-storage system operate during peak and off-peak periods?

During peak periods, the system discharges energy to the grid, while it charges during off-peak periods to optimize energy use.

What amount did NY Green Bank invest in the solar-plus-storage project?

NY Green Bank provided nearly $2.3 million in financing for the solar-plus-storage project through its NY-Sun Program.

What are the main features of the solar-plus-storage system developed by Convergent Energy?

The system includes 10 MW/40 MWh of energy storage paired with 15 MWdc of solar energy, enhancing capacity and reliability.

When was the solar-plus-storage system project completed?

The completion of the solar-plus-storage system was announced on May 24, 2022.