Amberside Energy and Copenhagen Infrastructure Partners, on behalf of its Flagship Funds, have announced a partnership for the development of 2 GW of solar and battery storage projects in the UK.
Under the terms of the partnership, CIP’s Flagship Funds will provide the capital for project development with the ambition of creating a portfolio of scale that, over time, will have projects in operation, in construction, as well as under development. Subject to investment decisions at the time, CIP intends to provide the capital required for the construction of the projects in this portfolio.
The projects are aligned with the UK’s net zero targets and will make a significant contribution towards increasing energy independence in the UK, providing predictable and affordable power at a competitive cost and decarbonising energy production.
“We look forward to a successful partnership with Ambershide Energy for the development of a significant pipeline of clean-energy projects that will help accelerate the UK’s energy transition to ‘net zero’ greenhouse gas emissions by 2050. UK solar and battery storage have become increasingly competitive in recent years and are now some of the most cost-efficient technologies, contributing to enhancing grid flexibility, resilience, and increasing the overall security of supply. We look forward to working closely with AE’s highly experienced team to deliver projects that, in addition to clean power at competitive prices, also generate investment, jobs, and socioeconomic benefits,” said Radu Gruescu, Partner at CIP.
Local community engagement and maintaining industry-leading ESG standards will be core to the partnership’s objectives, with the projects also expected to deliver local and regional socio-economic benefits.
Amberside Energy will continue to lead origination and development activities for the solar and battery storage projects while CIP will contribute its expertise in procurement, structuring, and financing renewable energy projects.
“We are delighted to form a partnership with CIP. Together, we will be able to accelerate the energy transition in the UK at scale. Our origination and development efforts are well underway, and our proprietary grid model combined with experience gained from auditing and asset managing such schemes helps maximise the efficiency of the development process. We expect our first projects to be ready to begin construction in the next two years and to deliver significant benefits to the communities who host them, as well as generating sustainable green power for many years ahead,” stated Marc Scambler, Co-Founder and CEO of Amberside Energy.
Orrick Herrington & Sutcliffe LLP advised CIP on the transaction as legal advisors. DAC Beachcroft advised Amberside Energy.
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Read the article online at: https://www.energyglobal.com/electric-hybrid/06022023/cip-and-amberside-energy-partner-to-deliver-solar-and-battery-storage-projects-in-the-uk/
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