In August 2019, Syncarpha Capital, a New York-based private equity firm specializing in renewable energy, announced a significant advancement in Massachusetts’ clean energy landscape. Partnering with ENGIE Storage, Syncarpha developed and now operates a 19 MW/38 MWh solar-plus-storage portfolio across six sites. This initiative contributes to the Solar Massachusetts Renewable Target (SMART) Program and actively participates in ISO-New England’s wholesale markets.
This portfolio represents the first utility-scale solar-plus-storage project to leverage ENGIE’s integrated development, supply, and services offering for wholesale market participation.
“Syncarpha selected ENGIE Storage for the portfolio due to ENGIE’s sophisticated and integrated offer, leading software, operational experience, and bankability,” said Cliff Chapman, chief executive officer at Syncarpha. “Working with ENGIE creates incremental value for these assets in addition to the SMART program and meets the financial and risk requirements of tax equity investors and lenders.”
Syncarpha’s commitment to integrating battery energy storage systems (BESS) has been evident, with a substantial increase in focus over recent years. The company has been an early leader in Massachusetts solar-plus-storage projects, operating batteries to provide clean peak energy and maintain grid stability. These storage projects participate in the ISO New England wholesale market and operate under the Massachusetts SMART program and the Clean Peak program.
