US headquartered JBB Advanced Technologies (JBBAT) has signed a letter of intent to acquire Proteus Power, a Houston-based developer with 15.5 GW of renewable energy projects. The acquisition includes nearly 5 GW of solar and battery storage systems to be developed between 2024 and 2028.The planned acquisition includes nearly 5 GW of utility-scale solar and battery energy storage systems (BESS) set to be developed between 2024 and 2028, at an estimated Engineering, Procurement, and Construction (EPC) cost of $3.382 billion. These projects are spread across multiple regional transmission organizations, including ERCOT, MISO, and SPP, covering key regions in Texas and beyond. Once the acquisition is finalized, expected in Q4 2024, Proteus Power’s headquarters will relocate from Houston to JBBAT’s main office in Carrollton, Texas, with all current employees retained, and a new branch office will be established in Lubbock, Texas. The deal remains subject to final due diligence and a binding agreement.
JBBAT signs intent to acquire Proteus Power
