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GlidePath Advances 80 MW New York Storage Portfolio after NYSERDA Incentive Award

February 4, 2020 GMT

NEW YORK--(BUSINESS WIRE)--Feb 4, 2020--

GlidePath Power Solutions (GlidePath), one of America’s leading independent energy storage developers, announced that it will complete development and achieve construction readiness this year on one of the largest portfolios of standalone battery storage projects to date in New York State. GlidePath is advancing the projects after receiving an incentive award from the New York State Energy Research and Development Authority (NYSERDA). GlidePath is a portfolio company of Quinbrook Infrastructure Partners, a specialist investor in low-carbon and renewable energy infrastructure.

The portfolio consists of four 20 MW battery storage projects located in the Lower Hudson Valley near the towns of Catskill, Highland, New Windsor and Ulster. New York currently has only 62.2 MW of battery storage facilities in operation statewide. GlidePath’s 80 MW portfolio represents more than double the state’s current storage capacity. NYSERDA recently announced that it had selected GlidePath’s Ulster project for an award under the Market Acceleration Bridge Incentive program for energy storage. Glidepath has applied for all four projects to receive the incentive award.

GlidePath began development of the projects in 2016 and has recently completed design, permitting, interconnection and land control for each and has begun the procurement process for key equipment.

Each of the four projects is expected to run for a minimum of 4 hours at full output. The portfolio represents at least 320 MWhs of new battery storage capacity in New York.

The battery storage portfolio’s flexible capacity will provide peaking power and ancillary services to balance the peaks and valleys in New York’s power supply – creating a cleaner, more efficient and lower-cost alternative to the fossil fuel plants that presently provide these functions. The projects will also contribute to Governor Andrew M. Cuomo’s nation-leading target of 3,000 megawatts of battery storage by 2030 and achieving 100% carbon-free electricity supply by 2040.

“GlidePath is proud to announce this latest milestone in progressing our 1.6 GW storage development pipeline across the U.S. and helping us contribute as a leading player in New York’s clean energy transformation,” said Dan Foley, founder of GlidePath. “This portfolio has been developed entirely from greenfield stage by our expert team and adds to our recent groundbreaking project in ERCOT, which is now completed and fully operational.”

“New York’s commitment to energy storage, Glidepath’s early commitment to storage development and the unique talents of our team members, all combined to make these projects a reality,” said Peter Rood, Chief Development Officer for GlidePath. “We’re proud to bring more clean energy investment to New York and we look forward to delivering the benefits of storage to New York citizens.”

The portfolio represents a total capital investment of approximately $120 million in the Hudson Valley. GlidePath incorporated feedback from local communities in project siting and design to ensure a good fit. GlidePath was recognized by the New York League of Conservation Voters in 2019 for the company’s work to achieve New York’s clean energy and climate goals. The projects are on track to begin construction later in 2020 with the first projects in the portfolio expected to be online before the end of 2021.

About GlidePath

GlidePath Power Solutions is a leading developer of distributed power solutions spanning multiple technologies and U.S. power markets. Led by a team of power industry veterans, GlidePath has successfully developed multiple battery storage projects in the U.S. and is actively progressing a multi-technology project development portfolio exceeding 1,600 MW of planned distributed power capacity. Chicago-based GlidePath is a portfolio company of Quinbrook Infrastructure Partners, a specialist investor in low-carbon and renewable energy infrastructure. For more information, visit www.glidepath.net.

About Quinbrook

Quinbrook Infrastructure Partners ( www.quinbrook.com ) is a specialist investment manager focused exclusively on lower carbon and renewable energy infrastructure investment and operational asset management in the US, UK and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested c. US$ 8.2 billion equity capital in energy infrastructure assets since the early 1990′s, representing a total enterprise value of US 28.7 billion in 19.5 GW of power supply capacity. Quinbrook’s investment and asset management team has offices in Houston, London, Jersey, and the Gold Coast of Australia. Quinbrook has completed multiple investments in both utility and distributed scale wind power, solar PV, gas fired power reserve and ‘smart grid’ projects in the US, UK and Australia.

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CONTACT: Peter Gray, Aileron Communications

312-629-9400,pgray@aileroninc.com

KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS NEW YORK

INDUSTRY KEYWORD: ENVIRONMENT CONSTRUCTION & PROPERTY FINANCE ENGINEERING PROFESSIONAL SERVICES MANUFACTURING ALTERNATIVE ENERGY ENERGY OTHER CONSTRUCTION & PROPERTY

SOURCE: GlidePath Power Solutions

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PUB: 02/04/2020 06:00 AM/DISC: 02/04/2020 06:00 AM

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