The acquisition includes Solar Grid’s energy storage project origination team, project pipeline and four operating storage projects.
Solar Grid Storage has developed a model for adding batteries to commercial photovoltaic (PV) installations.
The company’s PowerFactor systems provide all standard PV functions and has the ability to operate in power outages.
SunEdison, which has recently acquired First Wind, has 5GW of solar and wind assets under management globally.
The company said it expects to realize synergies and opportunities for growth by integrating energy storage into its worldwide finance, project development, and asset ownership platform.
Solar Grid Storage’s solar-plus-storage control services will be integrated with the SunEdison renewable operation center.
SunEdison Advanced Solutions general manager Tim Derrick said: "Our strategy is to increase the value of the solar and wind projects that we finance, develop, own, and operate by improving their availability and ability to interact with the grid.
"With this acquisition we have added the capability to pair energy storage with solar and wind projects, thereby creating more valuable projects and positioning ourselves as a leader in the rapidly growing energy storage market."
Solar Grid Storage chief executive officer Tom Leyden said: "Becoming a part of SunEdison, a renewable energy market leader with a strong pipeline of customers and development projects, positions us incredibly well to accelerate our growth and integrate energy storage with renewables to help create the electricity grid of the future."
Image: Solar Grid Storage has developed a model for adding batteries to commercial photovoltaic installations. Photo: Courtesy of PRNewswire.
