EnSync Energy Systems, a developer of energy management systems, sold multiple projects to AEP OnSite Partners, a unit of American Electric Power.
The sale of these projects is EnSync Energy's first transaction of a portfolio of project power purchase agreements and includes a portion of EnSync Energy's PPA backlog reported at the end of our third quarter.
Three of the five portfolio projects include EnSync Energy storage, including Agile Hybrid Storage, and EnSync Energy's Matrix Energy Management systems. All of the systems are sited behind-the-meter at condominiums or university campus buildings on Oahu and the Island of Hawaii, and represent the first ever solar plus storage PPAs in Hawaii. EnSync will provide ongoing project services through a contract with AEP OnSite Partners.
EnSync Energy has built a successful position in the Hawaiian market, and through its unit company, Holu Energy, has developed a significant project pipeline in the islands.
Included in the portfolio is EnSync Energy's proprietary Matrix Energy Management platform, which prioritizes in real time electricity from the grid, from distributed generation and from energy storage. The Matrix platform enables numerous opportunities to minimize electricity costs to the end-use consumer, while maximizing revenue generation and return on investment to PPA investors such as AEP OnSite Partners.
Additionally, the Matrix ensures that the buildings' future electrical needs are efficiently and economically accommodated to take advantage of the myriad of applications, government policies, and technology updates that will occur over time. The Matrix meets all requirements of the state of Hawaii for intelligent power control systems.