Orrick Advises ENGIE on Partnership with CBRE for 2.4 GW Battery Storage Portfolio
2 minute read | May.19.2025
Orrick advised ENGIE North America (ENGIE) on its entry into a partnership with CBRE through a sell-down of a 2.4 GW portfolio that includes 31 stand-alone battery storage projects across ERCOT and CAISO. This transaction represents one of the largest operating portfolio sell-downs for ENGIE in the U.S. and one of the most significant sales in the battery storage sector by total capacity to date. ENGIE will retain a controlling share and continue to manage the portfolio.
Orrick also advised ENGIE on the tax equity financings and revenue swaps relating to the portfolio.
Read the transaction press release.
THE IMPACT
This series of transactions supports ENGIE's strategy in North America by adding a globally recognized investor to its pool of partners and recycling capital for continued growth and demonstrates the breadth of Orrick’s experience in the renewable energy industry.
THE TEAM
The Orrick team included Brad Gathright, Spencer Sinclair, Cacique Rich-Martinez, Grace Lentz, Jason Warrington, Robbie Newell, Wolf Pohl and Chelsea Munoz-Patchen.
The Orrick team that advised ENGIE on the tax equity financings included Amy Padgett, Vicki Boyne, Wolf Pohl, Christopher Moore, Dan Eliades, Chelsea Munoz-Patchen, Ejemen Ofoman, Sara Forden, Ladan Mohaddes, ThuyMy Do and Joey Kim.
The Orrick team that advised ENGIE on the revenue swaps included Giji John, Li Shen and Kelly Choo.