The Cameron Storage battery project, set to start operations in the coming weeks, will connect to the Texas power grid and is expected to help provide reliable energy amid fluctuating supply and demand. (Source: Shutterstock)
Apex Clean Energy has partnered with Ingka Investments, the investment arm of IKEA retailer Ingka Group, on a 16.4-megawatt (MW) storage project that will connect to the Texas power grid, the renewable energy company said Sept. 6.
Called Cameron Storage, the standalone lithium-ion battery project will be co-located with the Ingka Investments-owned, Apex-managed 165-MW Cameron wind farm in Cameron County, Texas.
“For more than a decade, IKEA has charted the course for the corporate sector in investing in clean energy solutions, and today, Cameron Storage builds on that record of leadership,” Apex Clean Energy CEO Ken Young said in a news release. “Utility-scale energy storage unlocks the full potential of clean power to decarbonize our economy while providing increased reliability and certainty for our electric grid.”
The battery, set to start operations in the coming weeks, is expected to help provide reliable energy amid fluctuating supply and demand.
The Electric Reliability Council of Texas (ERCOT), which runs most of the Texas power grid, has faced tight grid conditions this summer as high temperatures drive energy demand to record levels. The conditions prompted ERCOT to issue public requests to conserve electricity use amid low operating reserves on several occasions.
The energy storage project marks the latest in several renewable energy projects jointly developed by Ingka and Apex. It is the duo’s first energy storage project. Worley is providing EPC services for the project, while Powin is serving as the equipment vendor, Apex said in the release.
The energy storage project is part of a €6.5 billion (US$7billion) initiative to boost renewable energy consumption to 100% across IKEA’s value chain, the release stated. Ingka Investments has invested and committed more than €3.5 billion (US$4 billion) into renewable energy projects.
“This is an important step in our journey towards becoming climate positive,” said Peter van der Poel, managing director at Ingka Investments. “Going forward, we aim to invest in a mix of wind, solar and energy storage. Investing in all three technologies will help to provide renewable energy during more hours of the year and optimize the use of our grid connections.”
Recommended Reading
Exxon, Chevron Beat 3Q Estimates, Output Boosts Results
2024-11-01 - Oil giants Chevron and Exxon Mobil reported mixed results for the third quarter, with both companies surpassing Wall Street expectations despite facing different challenges.
Midstream M&A Adjusts After E&Ps’ Rampant Permian Consolidation
2024-10-18 - Scott Brown, CEO of the Midland Basin’s Canes Midstream, said he believes the Permian Basin still has plenty of runway for growth and development.
Post Oak-backed Quantent Closes Haynesville Deal in North Louisiana
2024-09-09 - Quantent Energy Partners’ initial Haynesville Shale acquisition comes as Post Oak Energy Capital closes an equity commitment for the E&P.
Analyst: Is Jerry Jones Making a Run to Take Comstock Private?
2024-09-20 - After buying more than 13.4 million Comstock shares in August, analysts wonder if Dallas Cowboys owner Jerry Jones might split the tackles and run downhill toward a go-private buyout of the Haynesville Shale gas producer.
Aethon, Murphy Refinance Debt as Fed Slashes Interest Rates
2024-09-20 - The E&Ps expect to issue new notes toward redeeming a combined $1.6 billion of existing debt, while the debt-pricing guide—the Fed funds rate—was cut on Sept. 18 from 5.5% to 5%.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.