GreenRock Energy Expands Energy Storage Investment with Cathay Private Equity Fund
【6 September 2023, Economic Daily News, Reporter Weng Yongquan】To boost renewable energy generation while maintaining grid stability, Green Rock Energy has not only partnered with major domestic and international energy funds to develop large-scale aquaculture-photovoltaic integration projects, but has also set its sights on the energy storage market. Earlier this year, it partnered with Cathay Financial Holdings' ‘Cathay Sustainable Private Equity Fund’ to complete the acquisition of domestic distribution-level energy storage facilities valued at nearly NT$800 million. This expands its investment in energy storage projects and positions the company to capture market opportunities in Taiwan Power Company's frequency regulation reserve services.
Green Rock Energy Chairman Ye Mengheng noted that this acquisition, executed through a group subsidiary, has increased distribution-level energy storage capacity by 25MW in one fell swoop. Upon completion, total capacity is projected to reach 60MW. All sites have commenced construction and are expected to be fully operational by the end of May next year.
Safety is the paramount consideration in establishing energy storage facilities, hinging critically on battery selection. Green Rock employs environmentally friendly, safe, and highly stable lithium iron phosphate batteries, ensuring robust performance even in high-temperature environments. All energy storage cabinets used meet the stringent international safety standard UL9540A certification, with each site certified by fire safety and electrical engineers. From battery procurement to construction design, Green Rock collaborates with renowned domestic electromechanical equipment manufacturers and employs the most rigorous construction methods. Following grid connection, intelligent monitoring systems are implemented to create the most robust grid frequency regulation system.
Green Rock Energy's General Manager, Lai Hong-ming, stated that the company's development capabilities have earned recognition from domestic and international institutional investors. Beyond securing investment from Cathay Sustainable Private Equity Fund, Green Rock has spearheaded the establishment and operational management of an energy storage investment platform, enhancing overall investment synergies. Within Taiwan's energy storage market, Green Rock has not only successfully developed a 200MW dReg0.25 project for a domestic listed company but is also currently advancing transmission-grade E-dReg projects: a 70MW facility in Tainan and a 100MW facility in Chiayi.
Green Rock's solar energy portfolio includes a 150MW aquaculture-photovoltaic integration project in collaboration with a subsidiary of an European oil group. Concurrently, it is partnering with a major domestic energy company to initiate a 120MW aquaculture-photovoltaic project in Chiayi's Budai district, continually demonstrating its development capabilities. This year, beyond initiating multiple domestic project investments, the company has formed supply chains with domestic and international partners to actively enter the automotive and motorcycle charging station sectors alongside residential energy storage. It is also poised to enter Japan's solar and commercial energy storage markets, with overseas investment outcomes expected to materialise next year.
Driven by its dual engines of solar and energy storage, and bolstered by the commencement of large-scale projects, Green Rock's revenue is poised for significant growth in the coming years. This is expected to propel earnings per share to new heights. The company is actively planning its capital market debut, targeting completion of its public offering by the end of next year as it advances towards its listing objective.
