Eelpower, RPC forge UK storage JV

Nov 23, 2022 01:13 PM ET
  • Partnership is targeting 1GW of grid battery capacity with a near-term pipe of 240MW
Eelpower, RPC forge UK storage JV
Image: Eelpower

Renewable Power Capital (RPC), a pan-European renewable energy financial investment platform, has actually entered the British battery storage space market via a joint venture (JV) with Eelpower.

The JV will obtain, develop and run utility-scale storage projects and also is targeting to build up to 1GW of storage, with a pipe of 240MW to be built over the following 24 months.

The RPC-Eelpower joint venture batteries will certainly take part in wholesale electrical power markets and also provide ancillary services to National Grid ESO.

Battery storage space projects are unsubsidised, underscoring the JV partners' strategy to purchasing projects without federal government aid as a long-lasting project owner.

It is the very first financial investment by RPC in the UK as well as adheres to the platform's recent procurement of a 528MW onshore wind portfolio in Sweden.

The agreement with RPC is Eelpower's third JV in the GB storage space market within two years.

In January 2021, it went into a JV with SUSI Partners and also in September 2021 it revealed a JV with Following Energy Solar Fund which was broadened in September 2022 and also lately got the growth legal rights of a 250MW storage portfolio in the east of England.

Wonderful Britain represents the biggest energy scale battery storage space market in Europe with 1.7 GW mounted by the end of 2021.

Forecasts predict growth to 10GW by 2030, accompanied by ongoing growth in recurring renewables infiltration.

Eelpower CEO Mark Simon said: "Eelpower was founded to make the shift to renewable energy sustainable, through the creation of a platform of grid-scale electrical power storage space assets.

" We are delighted to be working with RPC as a partner and plan that our joint venture leads the battery storage market in regards to scale, top quality of possessions as well as speed of implementation."

RPC chief executive officer Bob Psaradellis said: "Battery storage will play a key role in decarbonising the grid and stabilizing recurring renewable generation.

" The flexibility it gives will certainly be central to developing a 21st century grid.

" The GB market has genuine momentum behind it and also provides among the most effective opportunities in Europe. We delight in to be dealing with Eelpower to enter this market."



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