Swell Energy raises $120M for virtual power plant deployment

By Renewable Energy World Swell Energy said it raised $120 million to further its virtual power plant (VPP) programs. The round was led by SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund I, LP, with participation from an Ares Infrastructure Opportunities fund and Ontario Power Generation Pension Fund.

The funding is expected to support Swell’s development of 600 MWh of VPPs through the deployment and aggregation of 26,000 energy storage systems. The VPPs are intended to provide grid service capabilities through projects in utility territories across Hawaii, California, and New York.

Swell creates VPPs by linking utilities, customers, and third-party service providers together, and

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