Partnership Between NH Based Battery Storage Developer Granite Source Power & New Energy Capital Sell Over 1GW of Projects

Granite Source Power, LLC (GSP) announces the sale of nearly 1,250 MW of standalone battery energy storage projects across ERCOT, SPP and ISONE. GSP was formed in 2022 and has quickly grown a pipeline of nearly 5GW of battery storage projects in ERCOT, NYISO, ISONE, PJM and SPP. These most recent transactions reflect the strong market demand for GSP's de-risked, well-sited projects.

In 2023 GSP and New Energy Capital (NEC) formed a partnership to accelerate growth and execute on the company's overall development strategy. The sale of these projects is an important milestone, as it further highlights the team's overall capabilities spearheaded by decades of experience in siting, developing and financing renewable assets.

The projects were each sold individually through separate purchase and sale agreements with various buyers. The projects have target CODs ranging from 2025 – 2027.

"In partnering, GSP and NEC have combined a tremendous amount of experience and success in renewable project development. We are developing assets in strategic locations in diverse power markets.  To date this approach has resonated well with project buyers, going forward we are looking to grow our partnerships with both existing and new buyers," said Patrick Fox, partner at New Energy Capital.

Marc Rizzo, Co-Founder of Granite Source Power, stated: "We are thrilled to expand our partnerships and connect our projects with reliable buyers. In competitive landscapes, identifying appealing and unique opportunities has been crucial for enhancing the marketability of our projects. Our collaboration with NEC has been instrumental in this regard, enabling us to swiftly seize and implement value-adding opportunities that ultimately benefit the buyers of our projects."

Granite Source Power | www.granitesourcepower.energy

New Energy Capital | www.newenergycapital.com