This week artificial intelligence (AI)-driven energy storage services provider Stem said that it had formed a partnership with New York-based private equity company Syncarpha Capital to build 28.2 megawatt-hours (MWh) of large-scale storage projects co-sited with solar in Massachusetts.
Syncarpha Capital is a renewable energy developer, having completed over 100 MW of solar assets in the U.S. Northeast, Mid-Atlantic, Southwest with an additional 70+MW of solar projects beginning or under construction in 2019, according to the company. Stem will provide AI-driven storage solutions at five distribution grid-connected sites across Massachusetts that will be developed and owned by the company.
The systems will be connected to just over 26 megawatts (MW) of solar and will receive partial support from the Solar Massachusetts Renewable Target (SMART) Program, a state initiative that promotes cost-effective solar development with customer-facing and grid service
For Stem, the deal represents Stem’s expansion into the “front of meter” (or “wholesale distributed generation”) market where distribution-connected sites are participating in the regional wholesale markets. This is a natural extension from Stem’s behind the meter operations in the Northeast where Stem has been helping customers since 2017 to reduce their Installed Capacity Payment “tags” and associated Customer Capacity Payment obligations, according to Stem.
The systems will be managed by the Stem AI platform, Athena, which enables Syncarpha to participate in the New England Independent System Operator (ISO)-managed wholesale markets while complying with investors’ SMART and federal investment tax credit requirements. Moreover, Stem’s artificial intelligence platform enables its partners to participate in future wholesale and retail service revenues as regulators make those service programs available.
“Syncarpha is an ideal partner for Stem, with a long history of investment management and operating experience of distributed and utility-scale renewable energy projects,” said John Carrington, CEO of Stem, Inc. “Syncarpha’s particular experience and leadership in the U.S. Northeast positions Stem’s expansion in the Massachusetts, New York and PJM wholesale markets.”
Artificial intelligence, energy storage, time-of-use rates and the future of the energy system are important topics that are discussed in-depth at DISTRIBUTECH International, which takes place January 28-30, 2020 in San Antonio, Texas. Don’t miss it!
Watch the Stem “How it Works” video below: