Goodpeak has closed on the financing it needs to build its first two 10-MW Texas energy storage projects near Houston.
The battery and solar developer has finalized the construction credit facilities with lenders Pathward and BridgePeak Energy Capital. The two Houston battery storage projects are Goodpeak’s first as developers and will support grid reliability in the Electric Reliability Council of Texas system, which has been prone to weather outages and peak demand crisis over the past several years.
“Breaking ground on our first energy storage projects marks a major milestone for GoodPeak in helping to solve Texas' grid challenges," said Trent Kososki, Founder and CEO of GoodPeak, in a statement. "These projects will provide much-needed resilience to the grid, storing excess power during times of low demand and delivering it when it's needed most—helping to stabilize energy prices, support renewable integration, and enhance overall reliability.”
BridgePeak and Pathward are providing $22 million in construction debt financing. Work on the project begins soon and is expected to be completed by the end of 2025.
“At GoodPeak, we are big believers that the grid needs a giant, distributed portfolio of energy storage shock-absorbers to balance and ‘firm up’ intermittent renewables and disproportionate load growth,” Kokoski said in an interview with NPM.
GoodPeak was founded in 2022. The Texas projects complement an overall 1 GW of planned battery storage across Texas and California.
The company also has secured growth investment from Current Equity Partners. GoodPeak’s co-founders include several veterans in private equity and energy funding.
