Cleantech integrator Ameresco Inc AMRC is planning to construct a battery energy storage system (BESS) of up to 50-megawatts (MW) to provide Silicon Valley Power (SVP) additional local area capacity for electrical system reliability.
The BESS, named Kifer Energy Storage LLC, will be installed adjacent to the existing Kifer Receiving Station within SVP's service territory.
The construction, expected to begin in mid-2024, will mark the beginning of a 25-year lease and Energy Storage Agreement with the City of Santa Clara.
Ameresco will develop, own, and operate the BESS, while SVP will supply the charging energy.
The BESS, with a maximum capacity of up to 200 megawatt-hours (MWh), will acquire surplus renewable electricity and provide a resource to integrate renewables, decrease reliance on gas-fired generation, and mitigate greenhouse gas (GHG) and criteria air pollutant emissions.
"This asset installation really is a game-changer, not just for enhancing SVP's system reliability, but also for advancing and integrating the renewable energy sources of the future," said Ameresco's Executive Vice President and General Manager, West Region, Britta MacIntosh.
SVP is the trademark adopted for use by the not-for-profit electric municipal utility of Santa Clara, California, and provides power to nearly 55,000 customers at rates 35 to 56 percent below neighboring communities.
Price Action: AMRC shares traded lower by 1.90% at $28.39 on the last check Monday.
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