Portland General to procure Evergreen battery energy storage system (NYSE:POR)

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Portland General Electric (NYSE:POR) disclosed Wednesday it reached an agreement to procure the Evergreen battery energy storage system, a new 75 MW facility to be located in Hillsboro, Oregon.

The project, to be constructed by a third party, will be owned by PG&E with a ~$150M investment and is expected to qualify for the federal investment tax credit, with an estimated year-end 2024 planned commercial operation date.

Portland General (POR) said it expects incremental capital spending of ~$40M for the project in 2023 with the balance spent in 2024, bringing total expected capital spending for the company to $1.365B in 2023 and $1.02B in 2024.

The agreement for the Evergreen facility will be subject to a prudency review by the Public Utility Commission of Oregon.

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