August 4, 2022: UBS Asset Management said on July 28 it had acquired 700MW of development-stage energy storage projects in Texas for an undisclosed sum from Black Mountain Energy Storage.
The five standalone projects will provide flexibility, responsiveness, and dispatchability to the Electric Reliability Council of Texas grid, once operational in 2024.
UBS Asset Management head of infrastructure Tommaso Albanese said the deal was a “major milestone” following the establishment of the group’s Energy Storage Infrastructure (ESI) team in December 2021.
Ken-Ichi Hino, ESI portfolio manager, said: “This portfolio is comprised of strategically selected, diversified projects in locations that are well positioned for the current state of the market, as well as the dynamic growth Texas will experience in the coming years.