East Point Energy, a leading energy storage developer, announced the sale of the Yadkins Energy Storage project to Aypa Power, a Blackstone portfolio company and developer, owner and operator of energy storage and hybrid generation assets. The 100 MW project will be located in Chesapeake, Virginia. East Point will continue to provide development services to the project.
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Energy storage projects like Yadkins are an essential component of Virginia’s 100% clean energy future, as outlined in the Virginia Clean Economy Act. The project will increase grid resilience and is well-sited to support the Hampton Roads load growth and planned offshore wind interconnecting nearby.
“EastPoint was an early mover in Virginia; development of the Yadkins project began in 2018,” said East Point Energy CEO, Andrew Foukal. “The Project reflects East Point’s fundamentals-based approach to project siting, which is a result of over a decade of developing renewable energy projects across the country. It has been a pleasure to work with the Aypa Power team, and we look forward to making this project a success.”
“It was great to work with East Point on this acquisition, and we are excited to have their continued development support going forward,” said Aypa Power CEO, Moe Hajabed. “Demand for renewable generation continues to grow in Virginia, and storage is needed to provide flexible capacity to better integrate such renewables into the grid.”
East Point Energy is a leading energy storage project development firm located in Charlottesville, Virginia. East Point is developing over 4 gigawatts of energy storage projects in various markets around the country, helping to transform the grid into a renewable, resilient, and affordable system for generations to come.