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Clearway, Cypress Creek close $738 million in BESS financing
Clearway Energy has launched the construction of a 320 MW/1280 MWh battery energy storage system (BESS) portfolio in Utah after closing financing. Meanwhile, Cypress Creek Renewables is already building a 200 MW standalone BESS project in Texas, which will be backed by fresh cash.
Mar 13, 2025
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Northvolt files for bankruptcy in Sweden
After filing for Chapter 11 bankruptcy protection in the United States in November 2024, the European battery manufacturing torchbearer has failed to negotiate and implement a financial restructuring. The business has now filed for bankruptcy in its home country.
Supply deal and finance for another 2.2 GWh of US batteries
Canadian Solar will supply its SolBank 3.0 battery systems to Aypa Power's projects in California and Texas and finance has been secured to complete construction of a further 220 MW/440 MWh battery energy storage system (BESS) in the Lone Star State.
Tesla lands tax abatement for Texas Megapack factory
County officials have approved a tax abatement for Tesla to build a manufacturing facility for its utility-scale battery energy storage product, Megapack, in the Lone Star State. The final approval is conditional on an agreement with city authorities.
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Swiss second-life battery startup Libattion secures EUR 14 million funding
Libattion, which turns discarded European electric vehicle (EV) batteries into energy storage systems, is planning a big push for growth. The managing director of A&G Energy Transition Tech Fund, the main backer, said the startup provides an economic alternative to the growing problem of waste from EV batteries while offering an “optimal supply alternative for stationary energy storage.”
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Sosteneo, Enel finalize partnership for 1.7 GW battery storage rollout in Italy
The Generali Group company has signed an agreement to acquire a minority share of Enel Libra Flexsys, which aims to roll out 1.7 GW of battery energy storage projects in Italy. "Revenues are fully contracted for 15 years through capacity agreements with Enel as well as capacity payments from Enel that are backed by Terna, Italy’s transmission system operator,” Sosteneo says.
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U.S. government releases IRA’s prevailing wage and apprenticeship requirements
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) released final rules on the Inflation Reduction Act’s (IRA) prevailing wage and registered apprenticeship requirements. Developers of clean energy projects may be able to claim an increased credit equal to five times the base incentive.
Arizona’s largest energy storage project closes $513 million in financing
In the USA, the 1,200 MWh Papago Storage project will dispatch enough power to serve 244,000 homes for four hours a day with the e-Storage SolBank high-cycle lithium-ferro-phosphate battery energy storage solution. Recurrent Energy, a subsidiary of Canadian Solar Inc. has secured $513 million in project financing for its Papago Storage project located in Maricopa County, Arizona.
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