NESF, Eelpower forge second battery collaboration

• JVP2 'dramatically enhances' NextEnergy Solar Fund's setting in the UK storage space field

NextEnergy Solar Fund (NESF) has actually established a new ₤ 200m joint venture collaboration (JVP2) with Eelpower increasing its possession to 75%, with Eelpower holding the remaining 25%.

JVP2 is different to the existing ₤ 100m JVP1 announced last year.

NESF's first 50MW battery storage space project through JVP1 is under construction in Fife, Scotland, and also is anticipated to be energised as well as grid-connected in the first fifty percent of 2023.

Energy storage space stays a key critical concern for NESF as well as forms part of its long-lasting equity growth method.

JVP2 "dramatically raises" NESF's position in the UK battery storage industry and also provides a "special chance" via both JVP1 and also JVP2, to go after a pipeline of over 500MW (₤ 300m) battery energy storage space possibilities, which are currently under exclusivity.

Use full capacity of both JVP1 and also JVP2 stays subject to investor and also FCA authorization because of the firm's existing financial investment policy being limited to 10% of gross asset value right into energy storage space.

NESF's investment supervisor and also expert NextEnergy Capital will certainly be consulting capitalists over the coming months to seek support to increase this limit to allow the Business to fully capture the energy storage space growth opportunities readily available to the fund.

The company remains to gain from partnering with Eelpower which has a track record and also experience in the shipment, monitoring, as well as optimization of battery storage assets in the UK.

Eelpower will certainly provide EPC and also continuous professional asset administration services to the storage space assets.

Kevin Lyon, Chairman of NextEnergy Solar Fund, stated: "Battery storage is an essential modern technology in boosting the penetration of renewables in the UK.

" NESF has made excellent progression broadening and expanding right into this innovation through its connection with Eelpower.

" NESF has produced an unique possibility to become a key player in this area, whilst improving the existing portfolio of solar assets.

" Pending investor as well as FCA approval, NESF can better diversify and provide capitalists continued exciting growth prospects."