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Developer marketing battery portfolio, plans larger sale

A Massachusetts renewables developer is marketing a roughly 20 MW ERCOT battery portfolio, a process the firm’s CEO describes as a “test case” for larger future portfolio sales.

Concurrent, a Hingham, Massachusetts-based energy storage developer and operator, this week launched a sale process for two storage projects in Texas’s ERCOT South, according to a teaser seen by Infralogic. The firm is looking to sell its 9.99 MW Chocolate Bayou project in Victoria County and its 9.9 MW Cotulla project in La Salle County. The process, called “Project Silver Steel,” is being run by Fractal Advisory as sellside financial advisor.

The projects are just the first to come to market of a more than 800 MW pipeline, Concurrent CEO Joe Crespo told Infralogic. The firm is selling the batteries at or around notice to proceed (NTP) but is willing to enter into an agreement to lease or toll the battery back to the owner for several years to provide the buyer with contracted revenue, Crespo said.

“These are the first two projects of a larger 800 MW portfolio for which we are trying to roll out the same business model,” he said. “They are a good first test case.”

Bids for Project Silver Steel are due 28 February. Both Chocolate Bayou and Cotulla should be online by 2Q26, according to the teaser.

The company’s wider portfolio comprises five much larger battery projects ranging from 100 MW to 200 MW each. Those projects will likely be brought to the market later this year, perhaps in the second quarter.

Three of those projects are being developed under a joint venture with a private equity firm, Crespo said. He declined to identify the firm, but said that the firm does not hold any company-level equity in Concurrent.

Fractal declined to comment on Project Silver Steel.

Crespo founded Concurrent, which also has a San Antonio office, in 2022. Crespo previously served as CEO of Genbright, a firm that specialized in integrating distributed generation into wholesale electricity markets. Genbright was sold to ENGIE North America in 2019.