Riverbank Power, a developer of pumped storage and run-of-river hydroelectric assets, announced that it has entered into a joint venture agreement with enXco, an EDF Energies Nouvelles Company, to develop pumped storage facilities in North America.
"This joint venture represents a much-needed catalyst to continue renewable power development in North America and the involvement of an experienced company like enXco underscores the critical nature of grid scale storage," commented John Douglas, President and CEO of Riverbank. "enXco's view and experience of pumped storage certainly corroborates the necessity for a resurgence of this mature technology in North America if renewables are to achieve their meaningful objectives."
"enXco has spent a significant amount of time rigorously evaluating the North American market for pumped storage solutions," commented Tristan Grimbert, President and CEO of enXco. "Establishing a partnership with Riverbank represents an opportunity to further develop the potential for energy storage which is necessary to integrate renewable energy and provide much needed ancillary services. We are uniquely positioned to leverage our 25 years of IPP experience in the US along with EDF's unmatched hydro technical expertise to address the need for storage in the US."
The joint venture's initial efforts will focus on large scale development in the Northwest region of the United States.