SCOR, the French-based global reinsurance group, has actively backed low-carbon projects, such as the DeCordova Battery Energy Storage System (BESS) facility in Granbury, Texas.
This follows the reinsurer’s reinforced commitment to advance energy growth and transition by integrating Environmental, Social, and Governance (ESG) principles into its underwriting and investment activities.
The Texas-based facility contributes to the energy transition by bridging gaps in renewable energy supply and demand, aligning with SCOR’s broader long-term strategy to support emerging clean energy technologies for a more sustainable future.
The facility was launched in May 2022, and is operated by Vistra, a Fortune 500 integrated retail electricity and power company that provides power resources to customers, businesses, and communities from California to Maine. The plant is part of the company’s Vistra Zero subdivision, which focuses on zero-carbon power generation.
The project uses lithium iron phosphate technology, and has an energy storage capacity of 260MW. With over 22,000 individual batteries housed in 86 modules, it can store enough energy to power 130,000 homes.
As a longstanding participant of the United Nations Global Compact and a founding signatory of the Principles for Sustainable Insurance, SCOR believes that “BESS are critical for turning power that is only available at certain times, into power that is available anytime.”
To make readers aware, BESS store electrical energy in batteries for the judicious use of power, which can be discharged later when needed. The batteries charge when electricity is cheap, for example on hot sunny days when solar power is abundant, or in mild windy conditions when wind power is abundant. Additionally, the stored electricity can then be discharged during peak demand.
The facility is important as they help to bridge the gaps that arise when supply and demand drift out of balance, to maintain the stability of the electrical grid. Strategically located BESS facilities also help to reduce strain on the transmission system when power is moved over long distances at peak times.
The reinsurer said, “Our support for this project is part of SCOR’s broader strategy to foster a sustainable and resilient future. Through our New Energy Practice, launched in 2023, we support the ongoing energy growth and transition needs of our clients, offering comprehensive insurance solutions for a wide range of low-carbon technologies such as wind farms, solar farms, carbon capture, and biofuels.
“As we continue to support projects like the DeCordova BESS facility, SCOR remains committed to accelerating the energy transition. By providing end-to-end coverage and leveraging our global expertise, we ensure that our clients are protected at every stage of their energy transition journey. Together, we can build a more sustainable future.”
