ASSET SALE: Hexagon interviewing investment bankers to sell 2 GW portfolio of BESS projects in ERCOT; also looking to sell 138 MW Woodbridge Solar project in Virginia

by Jon Berke

Hexagon Energy is interviewing investment bankers to sell a nearly 2 GW portfolio of standalone storage projects in ERCOT, said company’s CEO Matthew Hantzmon in an interview with NPM.

At the same time, it is also starting to weigh offers for its 138 MW Woodridge Solar project in Albermarle County, Virginia, but it is also evaluating delaying the development timeline to provide more certainty around the domestic content procurement.

The standalone storage portfolio is comprised of 17 projects, totaling 1,800 MW with a targeted COD of 3Q25. All of the projects except one qualify for the 10% energy community adder in the Inflation Reduction Act (IRA2022).

The portfolio is comprised of 16 projects at 100 MW apiece of two-hour duration batteries and a 200 MW storage project of two-hour duration. The portfolio includes 9 projects in the Houston metro area, 6 in the Rio Grande Valley and 2 in the Dallas-Fort Worth Area.

As for Woodbridge, Hexagon is looking at a potential delay of the construction of the project by another 6-to-12 months to see if it can lock in the adder from the IRA for domestic manufacturing.

Developers are expected to have more domestic supply options in 2025 as the likes of Enel North America, via its Oklahoma plant, and Hanwha Q Cells, via its planned expansion in Georgia, are both forecasting commercialization by the end of 2024.

Separately, Hantzmon walked NPM through its planned two-phase Steward Creek Solar project in Lee County, Illinois.

Hexagon is currently working towards the first 600 MW phase of the project with a planned NTP of 2025. It also has a planned second 600 MW phase of the project behind that.