Convergent Energy + Power Brings Three More Solar-Plus-Storage Systems Online in Maryland
Solar-plus-storage is a critical component in grid modernization efforts to meet sustainability, reliability and affordability goals in the face of climate change
NEW YORK, April 28, 2022 /PRNewswire/ — Convergent Energy + Power (Convergent), a leading provider of energy storage solutions in North America, announced today the operation of three more solar-plus-storage systems developed for Choptank Electrical Cooperative based in Maryland; these systems are in addition to the two systems Convergent has been operating for the utility since 2019. By pairing energy storage with solar PV, Convergent maximizes the value of solar while supporting electric grid sustainability, reliability and affordability. These new solar-plus-storage systems add 4 MW/8 MWh of storage and over 2 MW of solar PV to Convergent’s existing portfolio in the Delmarva peninsula.
In Maryland, home to high winds, outages, floods and other natural disasters, solar-plus-storage solutions are much needed. The state, a known leader in the growing clean energy economy, just passed substantial legislation that helps reach decarbonization goals and support environmental justice laws.
As an intermittent resource, solar energy is only available when the sun is shining. Pairing an energy storage system with solar PV increases its value because it can be stored when there is a surplus and dispatched when there is a deficit. In addition, energy storage can help utilities manage the intermittency of solar energy by increasing reliability and reducing electricity costs. Solar-plus-storage will play an increasingly important role in the clean energy transition.
“Adding an energy storage system to existing solar PV is one of the best ways to optimize solar performance, lower energy costs, and increase reliability,” says Frank Genova, Convergent’s Chief Operating and Financial Officer. “Convergent has over a decade of expertise developing standalone storage and solar-plus-storage to advance the clean energy transition while maximizing the value and performance of solar for our partners and our customers.”
Convergent has experience adding energy storage to existing solar PV in addition to developing solar-plus-storage assets. Beyond the five solar-plus-storage systems Convergent developed and operates in Delmarva peninsula, the company financed and is developing eight more solar-plus-storage systems totalling 37 MW/121 MWh of storage and 56 MW of solar PV in Upstate New York.
About Convergent Energy + Power
Convergent Energy + Power (Convergent) is a leading provider of energy storage solutions in North America. Convergent has over a decade of experience financing and managing all aspects of the energy storage development cycle to help customers reduce electricity costs and increase reliability. The company’s commercial, industrial, and utility-scale assets can yield seven-figure savings while advancing the clean energy transition. Convergent’s proprietary asset management platform, PEAK IQ® leverages machine learning and deep market knowledge to optimize asset performance and maximize value. With over $400M invested in projects in operation or allocated to projects under development, Convergent is a leading independent owner and operator of energy storage and solar-plus-storage solutions. For more information, visit convergentep.com or follow us on LinkedIn or Twitter.
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SOURCE Convergent Energy + Power