Renewable Power Capital and Eelpower agree 1 GW storage venture
Published by Jessica Casey,
Renewable Power Capital (RPC) has announced its entry into the battery storage market in Great Britain, working with Eelpower to acquire, build, and operate utility scale projects.
The venture will target up to 1 GW of storage, with a near-term pipeline of 240 MW.
The new RPC-Eelpower joint venture will participate in wholesale electricity markets and provide ancillary services to National Grid, making an expanded contribution to the Great Britain electricity system. Battery storage projects are unsubsidised, underscoring RPC’s approach to investing in projects without government subsidy as a long-term project owner. The joint venture cements RPC’s position as a key investor in the fast-growing storage sector.
This storage debut is also the first investment by RPC in the UK and follows RPC’s recent acquisition of a 528 MW ready-to-build onshore wind portfolio in Sweden; a deal which was executed on an unlevered and unhedged basis. Late last year, RPC also secured 10 year PPAs for three Finnish onshore wind projects that are expected to begin operation within the next two months.
RPC was established in 2020 and is backed by CPP Investments. Since its incorporation, RPC has committed nearly €1.5 billion in acquisitions including wind and solar photovoltaics in Spain and the Nordics.
Great Britain represents the largest utility scale battery storage market in Europe, with 1.7 GW installed by the end of 2021. Forecasts predict growth to 10 GW by 2030, accompanied by continued growth in intermittent renewables penetration. Last month saw new records as wind generated 50% of the UK’s power over a day. Lithium-ion battery storage is the most flexible short duration storage technology currently available.
Bob Psaradellis commented: “Battery storage will play a key role in decarbonising the grid and balancing intermittent renewable generation. The flexibility it provides will be central to building a 21st Century grid. The Great British market has real momentum behind it and presents one of the best opportunities in Europe. We are pleased to be working with Eelpower to enter this market.”
Eelpower CEO, Mark Simon, added: “Eelpower was founded to make the transition to renewable energy sustainable, through the creation of a platform of grid scale electricity storage assets. We are therefore delighted to be working with RPC to ensure that our joint venture leads the battery storage market in terms of scale, quality of assets and speed deployment.”
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Read the article online at: https://www.energyglobal.com/energy-storage/24112022/renewable-power-capital-and-eelpower-agree-1-gw-storage-venture/
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