ENGIE and SUSI Partners sign MOU to finance €50 million of grid-scale storage projects

ENGIE and SUSI Partners AG have just signed a Memorandum of Understanding (MOU) to promote grid-scale power storage projects.

As an initial stage, SUSI will contribute €50 million in equity for projects that ENGIE intends to develop in this important form of activity within the energy sector.

With this partnership, ENGIE aims at diversifying the risk of development of new business models. It also gains access to a further source of financing for its future power storage activity, an industry where technology and regulations evolve very fast and a more entrepreneurial approach to these forms of investment is needed.

Didier Holleaux, ENGIE Executive Vice-President in charge of Métiers, Operational Functions and Tractebel Engineering, said: 

“This new collaboration with SUSI is perfectly in line with our ambition to develop innovative and integrated solutions for our clients. To reach our ambition to be leader in energy transition worldwide, we have to improve solutions combining both renewable power generation and storage. We are convinced that power storage development is the key to realise this target."

Asif Rafique, SUSI’s Managing Director for Energy Storage, said: 

“The framework agreement between ENGIE and SUSI demonstrates that the energy storage market is advancing rapidly and moving towards its deployment phase. Third party financing represents the next step in the sectors development and we are delighted to team up with ENGIE to provide the necessary capital for their projects.”