ENGIE partners with CBRE for 2.4 GW Battery Storage Portfolio
Deal News | May 20, 2025 | Orrick
ENGIE North America has entered into a significant partnership with CBRE by selling down a 2.4 GW battery storage portfolio, which includes 31 stand-alone projects across ERCOT and CAISO. Orrick advised ENGIE on this transaction, which represents one of the largest operating portfolio sell-downs for ENGIE in the U.S. and is significant in the battery storage sector. Despite the sell-down, ENGIE will retain a controlling interest and continue managing the projects. The transaction supports ENGIE's strategy to align with globally recognized investors while recycling capital for growth. Orrick's role also included advising on tax equity financings and revenue swaps, showcasing their expertise in renewable energy. A dedicated team from Orrick facilitated the process, reinforcing their standing in the industry.
Sectors
- Renewable Energy
- Legal Advisory
Geography
- United States – The transaction involves ENGIE's battery storage portfolio located across key U.S. markets, ERCOT and CAISO.
Industry
- Renewable Energy – Involves energy storage solutions significant for the renewable energy sector, notably through ENGIE's battery storage projects.
- Legal Advisory – Orrick provides legal advisory services in the transaction, highlighting its capabilities in the renewable energy sector.
Financials
- 2.4 GW – The total capacity of the battery storage portfolio involved in the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ENGIE North America | Target Company | Company | A division of ENGIE focused on energy solutions in North America, involved in battery storage projects. |
| CBRE | Investor | Company | A real estate services and investment firm partnering with ENGIE on the battery storage portfolio. |
| Orrick | Legal Advisor | Company | A law firm advising ENGIE on its partnership with CBRE and associated financial arrangements. |