The Beehive project will operate under a 20-year tolling agreement with the Arizona Public Service Company.
Construction of the Beehive project started in early 2025, with CIP overseeing its completion. The facility operates under a 20-year tolling agreement with Arizona Public Service Company (APS), which serves 1.4 million homes and businesses across 11 counties. Designed to store energy during periods of high renewable generation and release it during peak demand, Beehive will support APS in meeting Arizona’s growing energy needs.
CIP partner and head of North America, Tim Evans, stated: “With electricity demand rapidly increasing in the Southwest, we anticipate battery storage will play a critical role in powering innovation and economic growth. Beehive will provide reliable energy and grid services to customers in Arizona and build on CIP’s track record of developing, constructing and operating energy infrastructure investments across the country. We are pleased to have worked with the EDF Power Solutions team.”
For EDF Power Solutions North America, Beehive represents its second standalone energy storage project, underscoring its focus on advancing battery storage and renewable energy solutions. Ryan Pfaff, executive vice-president for grid and distribution-scale power, said: “EDF power solutions actively seeks partnerships across all stages of a project’s lifecycle, with an eye toward both optimising our portfolio and maximising value creation.”
The Beehive project is backed by CIP’s fifth fund, CI V, which finalized fundraising in March 2025 with over $14 billion committed to energy infrastructure projects across North America, Europe, and Asia Pacific. Additionally, CIP’s energy transition fund surpassed its €12 billion ($13.05 billion) target in March 2025, reflecting strong investor confidence in sustainable energy initiatives.
This acquisition strengthens CIP’s portfolio in renewable energy infrastructure and highlights the growing role of battery storage in supporting grid reliability and sustainable energy delivery in the U.S. Southwest.
