Scale Microgrid Solutions Acquires Microgrid Serving the City of Bridgeport
Scale Microgrid Solutions ("Scale"), a Warburg Pincus (News - Alert) portfolio company, announced today that it has acquired a distributed energy microgrid that powers three key municipal facilities in Bridgeport, Connecticut. Commissioned in 2018, the microgrid provides year-round clean energy to Bridgeport's City Hall, Police Headquarters and Eisenhower Senior Center through a comprehensive, twenty-year Energy Services Agreement with the City.
The microgrid is a Combined Heat and Power ("CHP") system that consists of three 265 kW natural gas-fired reciprocating engines, a 250 kW diesel-fired standby generator, and a 200-ton absorption chiller. The system utilizes these components to simultaneously produce electricity, heat, and chilled water, significantly improving energy efficiency and reducing greenhouse gas emissions. The microgrid also includes multiple design redundancies that enable fail-safe operations in th event of an extreme weather or other emergency blackout event, providing additional resilience for the City's critical infrastructure facilities.
Scale is uniquely qualified to ensure the continued maintenance and performance of this system. The collective experience of Scale's leadership includes designing, financing, building, and commissioning microgrids and renewable energy projects across the United States. Scale's projects serve the mission critical infrastructure needs of customers ranging from indoor agriculture to municipalities.
"Announcing this transaction highlights our integrated M&A, financing, asset management and operational capabilities in a way that sets us apart from our peers," said Julian Torres, Chief Investment Officer at Scale Microgrid Solutions. "We will build on this success and continue to commit capital to finance microgrids and distributed energy infrastructure more broadly."
This acquisition showcases one example of how Scale partners with developers, owners, and operators - utilizing Scale's balance sheet and project financing expertise to bring distributed energy projects to fruition. Ryan Goodman, CEO and Co-Founder, adds, "Scale is investing hundreds of millions of dollars to acquire and optimize distributed energy resources, including those currently in commercial operations or in late-stage development. This acquisition is the first of many that we look forward to announcing soon."
About Scale Microgrid Solutions: Scale is a vertically integrated distributed energy platform, with a core focus of designing, building, financing, owning and operating cutting-edge distributed energy assets that offer cheaper, cleaner, and more resilient power. Their team of energy and financing experts accelerate growth in distributed energy projects by providing financing to technology providers, energy developers, and OEMs, while also directly helping large energy-consuming customers ?to take charge of their energy infrastructure and future-proof their businesses.