Iowa’s latest big battery storage project

Written By: Jen Neville
January 24, 2019

grid scale solar plus storage

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Holly Christie, Assistant General Counsel, INVENERGY will be speaking on Panel Discussion: Opportunities and Challenges for Standalone Storage Transactions

The past year has seen an acceleration of storage deals, with many more moving to completion. This panel will examine deal flow over the past year, highlighting structures being used, potentially problematic areas, and the impacts of the expected state of financial markets on project bankability and profit margins.

 What are the key standalone storage opportunities and are they changing?
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 What are the key structures being used?
 What is the state of financing on deals?
 What percentage is being financed on balance sheet vs equity vs debt?
 What commercial mechanisms are being used in storage finance?
 How are potential rises in interest rates being dealt with in deals?

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Invenergy, a privately-held global developer and operator of sustainable energy solutions announced the completion of construction and the start of commercial operations of a utility-scale battery storage system located in Knoxville, Iowa that Invenergy developed for MidAmerican Energy. The recent announcement follows an impressive four-month construction process that culminated with the battery becoming operational last month.

The lithium iron phosphate battery project will enable MidAmerican Energy to store electricity for later use. The battery can provide four megawatt-hours of storage capacity, supplying one megawatt of power for up to four hours—enough electricity to power about 900 average Iowa homes.

Main benefits of energy storage that will be explored through the application of a lithium system:

– Flattening and managing peaks in electricity demand by storing off-peak energy for later use.

– Reducing the required runtimes and capacities of natural gas peaker plants with energy storage.

– Enhancing the value and usefulness of renewable energy by smoothing the output of solar farms before it enters the grid.

– Improving power quality and extending the life of transformers and other grid infrastructure.

“We are excited by the new opportunities for battery storage that we are seeing around the country,” stated Kris Zadlo, Senior Vice President, responsible for storage development at Invenergy. “We are grateful for partners like MidAmerican Energy who are seeking innovative ways to deliver value to their customers and are proud to have provided them with this solution in such a short time.”

This is the fifth utility-scale advanced energy storage project Invenergy has developed, and the first where the company acted as the engineering, procurement, and construction (EPC) provider. Invenergy is an owner-operator of battery storage systems, experience that shaped its approach to this project.

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