Bitech Technologies sells 2.4 GW of solar to focus on BESS 

California-headquartered renewables company Bitech is selling 2.425 GW of its total 3.840 GW solar project portfolio. According to its website, Bitech’s primary focus as owner operator is the monetization and modernization of its 1.96 GW pipeline of grid-balancing battery energy storage system (BESS) projects. Bitech says it has a combo pipeline of 5.8 GW of BESS and solar projects.  

A large part of Bitech’s business model is building partnerships and M&A deals with other renewables businesses, such as Emergen, a company it purchased from Texas-based solar and storage developer Bridgelink on April 24. With this transaction, the solar assets that have now been offloaded had entered Bitech’s portfolio.

Bitech’s wholly owned subsidiary Emergen will receive $19,400,000 from “a non-related third-party purchaser”, if the projects achieve a Point of Interconnection and subsequently obtain all Necessary Land Rights and the option to return certain or all projects is not executed. 

Commenting on the decision to divest a percentage of solar from its portfolio, Bitech CEO Benjamin Tran said, “This strategic move will allow us to focus on our core business in BESS, as we firmly believe that the U.S. BESS market presents one of the most substantial and rapidly expanding opportunities for investment return worldwide.” 

“Our company’s commitment to our BESS global strategy is demonstrated by the recent sale of our non-core greenfield solar projects,” added Cole Johnson, president of Bitech Technologies. “Not only does this transaction generate current and future revenue for Bitech, but it also solidifies a valuable operating partnership with a prominent renewable infrastructure group.”