Finance

Engie teams with CBRE Investment Management on 2.4 GW of US battery storage

In what is described as one of the largest financing transactions in the battery energy storage sector to date, Engie North America has partnered with funds managed by CBRE Investment Management on a portfolio of assets in Texas and California.

By

Marija Maisch

May 16, 2025

Capital tends to follow opportunity and funds managed by global real assets investment management firm CBRE Investment Management have partnered with Engie North America on a sizable portfolio of battery storage assets in Texas and California.

The transaction was described as one of Engie’s largest operating portfolio partnerships in the US and one of the sector’s largest sales completed to date. Under the deal, the Houston-headquartered subsidiary of the global Engie Group will retain a controlling share in the portfolio and will continue to operate and manage the assets.

The 2.4 GW portfolio consists of 31 projects in operation in Electric Reliability Council of Texas (ERCOT) and California Independent System Operator (CAISO) territories. No additional information about the financial terms of the deal or the projects has been disclosed.

“The scale of this portfolio reflects ENGIE’s commitments to meeting the energy needs of the U.S. and increasing the resilience of the ERCOT and CAISO grids,” said Dave Carroll, Chief Renewables Officer and SVP, Engie North America. “CBRE IM’s investment reflects their confidence in Engie’s proven track record in developing, building, operating and financing renewable assets, both in North America and globally.”

Engie currently has more than 11 GW of renewable production and battery storage in operation or construction. According to the company, the size of the new portfolio focused on battery storage assets reflects its global aspirations to grow in this space.

“We are excited to partner with Engie on this high-quality, scaled battery storage portfolio with a strong operating track record,” said Robert Shaw, Managing Director, Private Infrastructure Strategies at CBRE Investment Management. “This investment reflects our proven strategy of investing in infrastructure 2.0 assets that leverage the breadth of the CBRE IM platform and benefit from strong contracted revenue and macro digitalization and decarbonization tailwinds.”

Written by

Marija Maisch
Marija has years of experience in a news agency environment and writing for print and online publications. She took over as the editor of pv magazine Australia in 2018 and helped establish its online presence over a two-year period.
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