Renewable Power Capital, Eelpower Form JV for 1 GW Storage In UK

Nov 28, 2022 05:07 PM ET
  • The new joint venture will certainly acquire, build and also run utility-scale storage projects upto 1-GW capacity.
  • The RPC-Eelpower joint venture for batteries will participate in wholesale electrical energy markets as well as give supplementary services to National Grid.

Renewable Power Capital (RPC), a pan-European renewable resource financial investment platform backed by CPP Investments, has actually revealed that it has become part of the battery storage market in Great Britain, in collaboration with Eelpower, the UK expert battery storage company.

The official statement by RPC held that the new joint venture will certainly acquire, construct and also operate utility-scale storage projects and is targeting to build up to 1 GW of storage, with an existing pipe of 240 MW to be constructed over the following 24 months.

The RPC-Eelpower for joint venture batteries will certainly participate in wholesale electrical power markets and give supplementary services to National Grid, in support of the power shift on the Great Britain electricity system. Battery storage projects are unsubsidised, underscoring the JV companions' approach to purchasing projects without government subsidy as a long-lasting project owner. RPC also claimed that its the initial investment by the business in the UK and follows their current acquisition of a 528 MW onshore wind portfolio in Sweden.

The arrangement with RPC is Eelpower's third joint venture in the Great Britain storage market within two years. In January 2021, it participated in a JV with SUSI Partners and in September 2021 it revealed a JV with Following Power Solar Fund which was broadened in September 2022 and also lately acquired the growth civil liberties of a 250 MW storage portfolio in the East of England.

RPC said that Great Britain stands for the largest utility scale battery storage market in Europe with 1.7 GW mounted by the end of 2021. Forecasts predict growth to 10 GW by 2030, accompanied by ongoing growth in periodic renewables penetration. Last month saw new documents as wind produced 50% of the UK's power over a day. Lithium-ion battery storage is the most flexible short duration storage modern technology presently available, claimed PRC.

Eelpower CEO Mark Simon said, "Eelpower was founded to make the change to renewable energy sustainable, through the creation of a platform of grid-scale electrical energy storage assets. We are delighted to be working with RPC as a partner as well as plan that our joint venture leads the battery storage market in regards to scale, quality of assets and also speed of deployment." Mentioned Bob Psaradellis, CHIEF EXECUTIVE OFFICER, RPC, "Battery storage will play a crucial duty in decarbonising the grid and balancing intermittent sustainable generation. The flexibility it gives will certainly be main to building a 21st century grid. The GB market has actual momentum behind it as well as presents one of the best chances in Europe. We delight in to be dealing with Eelpower to enter this market."

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