Fengate closes on battery energy storage development partnership with Alpha Omega Power
Fengate is pleased to announce financial close on a new development partnership with Alpha Omega Power (“AOP”) with the purpose of building a market-leading U.S. battery energy storage system (“BESS”) development platform.
Fengate’s new development partner, AOP, is led by Paul Choi who brings more than 25 years of experience and a successful track record as a leader in power and renewable energy. Most recently, Paul was the executive vice president of origination at Broad Reach Power where he built and led the origination team. Previously, he was the head of renewables at Swiss RE and a director at Merrill Lynch, Credit Suisse, and Enron.
There is increasing demand for BESS projects due to the increasing supply of intermittent renewable energy projects and retirement of thermal power projects. With a proven management team, AOP is focused on acquiring, developing, constructing, and operating standalone BESS projects.
“As the demand for, and reliance on, intermittent renewable energy projects increase, BESS projects provide essential firm renewable power when solar and wind projects are not operating,” said Greg Calhoun, Managing Director, Infrastructure Investments. “We are excited to partner with AOP to build a top-tier BESS developer that enables even greater and more reliable use of renewable power across the United States.”
“We are proud to partner with Fengate to build a market-leading battery energy storage system development platform,” said Paul Choi, Chief Executive Officer, AOP. “Battery storage is a critical pillar in ensuring reliable, clean energy, and our experienced team is committed to supporting the ongoing transition to a cleaner power grid through acquiring, developing, constructing, and operating standalone and critical BESS facilities.”
Fengate is managing this development partnership on behalf of its infrastructure investors, including an investment fund owned by the LiUNA Pension Fund of Central and Eastern Canada.