Bitech Technologies Corporation has finalized the sale of approximately 2.425 GW of greenfield solar projects in the United States, marking a strategic shift towards prioritizing its core battery energy storage system (BESS) business, the company announced in a press statement.
The solar projects were divested to a “non-related third-party purchaser,” as disclosed by Bitech Technologies, aligning with the company's strategy to streamline its operations and concentrate on its BESS endeavors.
These sold assets were integrated into Bitech's portfolio following the acquisition of Emergen Energy LLC, a subsidiary of US solar and energy storage developer Bridgelink Development. The acquisition, completed in April, bolstered Bitech's solar and BESS pipeline, aggregating to approximately 5.8 GW of combined capacity.
Emergen Energy LLC stands to receive USD 19.4 million (EUR 17.8m) from the sale of the solar projects, contingent upon achieving a Point of Interconnection and obtaining all Necessary Land Rights, with the provision for the option to return certain or all projects if not executed.
Bitech Technologies rationalized the divestment decision as part of its strategic realignment, emphasizing a preference to allocate internal resources towards BESS projects rather than further investments in solar ventures. Presently, the company boasts a robust portfolio of BESS projects, with an estimated total capacity of 1.965 GW.
