Why do energy storage projects need project financing?

The rapid growth in the energy storage market is similarly driving demand for project financing. The general principles of project finance that apply to the financing of solar and wind projects also apply to energy storage projects.

What is energy storage?

Energy storage encompasses an array of technologies that enable energy produced at one time, such as during daylight or windy hours, to be stored for later use. LPO can finance commercially ready projects across storage technologies, including flywheels, mechanical technologies, electrochemical technologies, thermal storage, and chemical storage.

Why should we invest in energy storage?

The SRM cites the underlying motivation for investment in energy storage as ensuring “that the American people will have the resources needed, when needed.” “1. To facilitate safe, beneficial, and timely deployment of energy storage technologies and accelerate the development of new technologies that address current and emerging consumer needs.

How big will energy storage capacity be in 2022?

An estimated 387 gigawatts (GW) (or 1,143 gigawatt hours (GWh)) of new energy storage capacity is expected to be added globally from 2022 to 2030, which would result in the size of global energy storage capacity increasing by 15 times compared to the end of 2021.

Is Doe preparing a draft energy storage SRM for public comment?

DOE is seeking comment from stakeholders to inform its draft Energy Storage SRM for public comment at a future time; notice of its availability will be provided through the Federal Register through a formal NOA. Interested stakeholders can view both the draft SRM and the official NOA.

What is Doe's strategic investment in energy storage?

DOE’s strategic investment in energy storage aims to ensure that all Americans have access to energy storage innovations to enable resilient, reliable, secure, and affordable electricity systems and supplies.