AIMCo, Railpen purchase UK battery storage platform stake
- Constantine Energy Storage plans to spend over ₤ 400m in its project pipe
Alberta Investment Management Corporation (AIMCo) and Railpen have actually jointly acquired a 94% stake in the Constantine Energy Storage (CES) battery storage platform in the UK.
CES will spend greater than ₤ 400m to construct out a pipe of grid-scale battery energy storage projects in the country that are under growth by Constantine Group subsidiary Pelagic Energy Developments.
AIMCo head of facilities, renewables and lasting investing Ben Hawkins stated: "The acquisition of CES is an excellent suitable for our expanding global portfolio of top quality framework assets.
" Grid-scale batteries are a crucial enabler of the UK energy transition, and the country's net-zero passions.
" We eagerly anticipate leveraging our deep asset experience, working carefully with the management group to develop and grow this organization that will certainly sustain Britain's energy needs and transition over the long-term."
Constantine investment director Graham Peck included: "Via our subsidiary Pelagic Energy, CES has a robust project pipeline of large and well-located battery projects, which are deliverable in the close to term, and hence provide a secure pipeline of best-in-class assets.
" We look forward to dealing with AIMCo and Railpen in building this platform, and in so doing enabling and enhancing the manufacturing of renewable resource in the UK."
