CORMORANT STORAGE

CAISO-1552BetaActiveBatteryCAISOLBNL + Live

250 MW storage in San Francisco, CA · In queue since April 2019 · Proposed COD April 2027

BA: CISOISO/RTO: CAISONERC: WECCRC: RCW

250 MW

Capacity

Components

Battery

7y 3m

In Queue

IA Executed

IA Phase

Signed Dec 2021

Interconnection

Queue → IA

2y 8m

IA → COD

5y 4m

Total Duration

2y 8m

Study Phase

C12

Construction75%

Queue EntryApr 15, 2019

Interconnection request submitted to ISO/RTO

Cluster Study (Phase I/II)

CAISO uses cluster studies where projects are batched annually and studied together.

Typical: 36–48 months (IR to IA)

Interconnection AgreementDec 28, 2021

Interconnection agreement executed — binding commitment to build

Typical: 30–60 days (negotiation)

ConstructionCurrent

Project under construction

Typical: 6–18 months

Commercial Operation

Proposed COD: 2027-04-15

Cross-source intelligence

Beta

High confidence·5 sources·as of 2026-06-01

Expected COD

2027

From queue filing

Developer

Arevon Energy

From queue filing

Status

Construction

Construction — groundbreaking March 2026, Primoris awarded EPC contract

Financing

Secured

$600M facility financing closed by March 2026 construction start (amount cited in Power Technology snippet)

Key milestones

IA executedDec 28, 2021

Interconnection Agreement executed per LBNL queue data

source

Financing closeMar 2026

$600M financing closed for 250MW Cormorant storage facility

source

GroundbreakingMar 25, 2026

Arevon commenced construction in Daly City, CA

source

COD targetApr 2027Most recent

Expected online April 2027 per aggregator tracking

source

About

The Cormorant Storage project is a proposed 250 MW battery energy storage system located in San Francisco County, California. The project is interconnected within the California Independent System Operator (CAISO) region, and is connected to the Martin 115 kV point of interconnection.

The project, identified as CAISO-1552 in the interconnection queue, entered the queue on April 15, 2019, with a proposed commercial operation date of April 15, 2027. An Interconnection Agreement (IA) for the project was executed on December 28, 2021. The utility is Pacific Gas & Electric (PGAE).

Generated from interconnection queue and public data sources

CAISO Queue

Development Risk

Realization risk from now to commercial operation — financing close, EPC and tax-equity counterparty mix, and COD probability vs the proposed date. The diligence view that determines whether the deal actually closes. Powered by InfraSure's development-stage modeling stack.

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P(COD by stated date)

Financing close probability

EPC + tax-equity counterparty

Project Details

State

County

San Francisco

Grid Region

CAISO (California)

Market

ISO/RTO Member

Developer

—

Utility

PGAE

Entity

CAISO

Service Type

NRIS

Point of Interconnection

Martin 115 kV

Data Source

LBNL + Live

Risk Analytics

Composite operating-phase risk view — what this asset's risk profile will look like once it commissions. Climate hazards across its operating life, expected generation variability, and offtake counterparty exposure, decomposed into a single decision-grade score. Powered by InfraRisk.

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Climate hazards (8+)

Generation variability (P10/P50/P90)

Offtake + transmission counterparty

Generation Forecast

Forward generation outlook — first-year production estimate and 10-year P50 trajectory, with probabilistic ranges (P10/P50/P90) across weather, demand, and policy scenarios. Powered by InfraSure's generation modeling stack.

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See the full forecast + scenario decomposition for this project.

10-year P50 forecast

First-year output estimate

Weather + policy scenarios

Financial Forecast

Forward revenue, DSCR projection, and financing-close risk — conditioned on commercial operation. First-year DSCR, 10-year cashflow, and counterparty exposure across price and policy scenarios. Powered by InfraSure's asset cashflow stack.

Available on the InfraSure platform

See the full revenue + DSCR projection for this project.

10-year revenue projection

First-year DSCR

Financing close risk

Market Context

Approximate

ISO / RTO: CAISO
Trading Hub: TH_NP15_GEN-APND
Hub Confidence: MEDIUM
Nearest Node (Estimated): DALYCTY_1_N005
POI Substation: Martin Substation

This project's market context is estimated from its Point of Interconnection. Hub and node assignments are approximate and based on geographic inference from the POI substation name.

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Forward forecasts, scenario decomposition, and risk-decision tooling for this queue project.

CORMORANT STORAGE (CAISO-1552) — Project Summary

CORMORANT STORAGE