A method for operating at least one energy storage device of a renewable energy facility connected to a power grid in multiple operational modes includes providing an operational threshold for the renewable energy facility. Further, the method includes comparing an operational parameter of the renewable energy facility with respect to the operational threshold. The method also includes controlling the renewable energy facility based on the comparison. As such, when the operational parameter is below the operational threshold, the controller communicates to the energy storage device(s) to increase its state of charge (SOC) in anticipation of the renewable energy facility transitioning from producing power to consuming power. In contrast, when the operational parameter is at or above the operational threshold, the controller communicates to the energy storage device(s) to decrease its state of charge (SOC) in anticipation of a curtailment event of the power grid to prevent the renewable energy facility from releasing and sending power to the power grid.