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Cero Generation and Enso Energy achieve financial close on battery storage system

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Cero Generation, a leading European specialist in solar energy development, production, and storage, together with its UK development partner Enso Energy, have announced the financial close of a 49.5 MW/99 MWh battery storage system.

The battery will be co-located with the Larks Green solar PV project in South Gloucestershire – a 49.9 MW solar farm developed jointly by Cero and Enso, which came online earlier in May 2023.

This battery will help the UK energy system to better match green energy generation to demand, storing excess clean energy when there is an oversupply for use when there is a shortage or additional demand. It will maximise the site’s efficiency by connecting to the transmission network using the same connection point as the solar farm, thereby enabling a greater output of clean energy, helping to lower costs for consumers and providing a secure and reliable power source.

The battery has been financed by Rabobank, who also financed the Larks Green solar project. The project has enabled the establishment of long-term partnerships with both Canadian Solar as the lead on the EPC for the battery, and EDF as the battery performance optimiser.

Planned to be operational by late 2024, the project represents a meaningful step towards creating a secure, home-grown energy system for the UK. It supports the government’s recently revised energy security strategy – Powering Up Britain – which stated its ambition for a five-fold increase in the deployment of solar generation by 2035.

As its first battery project to reach financial close, this announcement marks a significant milestone for Cero, and reinforces its leadership position in the market. Through its partnership with Enso, the company has over 30 standalone or co-located battery projects, amounting to over 2G W within its existing 5 GW UK development pipeline. With another 5 GW of early-stage battery or solar opportunities in early-stage development, batteries will play an even greater role in its longer-term strategy. Additionally, Cero believes that energy storage is a key enabler for the deployment of increased levels of renewable energy and is developing storage assets across its entire European portfolio.

Cero appointed EDF to optimise the battery through its market leading trading platform providing access to a variety of revenue streams for this asset, including the balancing mechanism, wholesale optimisation and ancillary services, leveraging EDF’s industry-leading trading expertise and experience with transmission connected assets.

?The Larks Green solar PV project that the battery will be co-located with is the UK’s first transmission-connected solar farm, an achievement that allows clean energy to be transported over greater distances and opens a gateway for larger projects to connect to the grid. It has the capacity to power the equivalent of more than 17 300 homes with clean electricity and will displace 20 500 tpy of carbon dioxide com-pared to traditional energy production. It will also deliver a biodiversity net gain, achieved through the provision of a range of resources for local wildlife, including additional woodland planting, which will provide shelter and food for a range of protected species.

Marta Martinez Queimadelos, CEO of Cero Generation, said: “We’re delighted to announce our first financial close for one of our battery energy storage projects. Co-location enables solar power to go further, maximising the benefits renewables bring to the table and helping to accelerate the UK’s net zero transition. We’re particularly excited that this battery is co-located with our Larks Green solar farm, which was the first solar farm in the UK to connect directly to the transmission network, marking not only an industry first but also a national milestone.

“It’s been a pleasure to work alongside Enso, Canadian Solar, EDF and Rabobank, and I’m grateful to everyone involved in reaching this stage. Collaboration is crucial to the changes and progress we need to see across sectors to build a sustainable future.”

Andrew King, Director of Enso Energy, added: “Another major milestone reached on the road to the decarbonisation of energy in the UK, and at Enso we are all very proud to have been involved in this pioneering project from inception. The co-location of solar power and battery will allow optimisation of the site as a source of renewable generation and storage, and also provides us with a template for our portfolio of transmission connected sites in the pipeline. Working with Cero and with Rabobank, as well as Canadian Solar and EDF, we have collectively been able to deliver this landmark project and make transmission connected solar and battery a reality in the UK.”

Maartje Marchand, Director Project Finance at Rabobank, comment-ed: “Rabobank Project Finance congratulates Cero Generation on reaching financial close of this 49.5 MW/99 MWh battery energy storage system in Gloucestershire. Rabobank is pleased to act as sole lender on the battery storage project after successfully reaching financial close on the solar PV project in 2021. We’d like to thank Cero Generation for choosing Rabobank again, and we value the strong and pleasant co-operation which was key to bringing this battery project to a successful close.”

Dr Shawn Qu, Chairman and CEO of?Canadian Solar, continued: “Canadian Solar is proud to support Cero Generation as they develop the storage projects needed to support Britain’s energy transition. By offering turnkey energy storage services, Canadian Solar continues to enable our customers’ growth.”

Stuart Fenner, Commercial Director of WMS at EDF, concluded: “We are delighted to work with the Cero team as their trading and optimisation partner on this pioneering project. We look forward to expanding our partnership with Cero in the future as they build out their portfolio in the UK.”

 

 

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Read the article online at: https://www.energyglobal.com/solar/30052023/cero-generation-and-enso-energy-achieve-financial-close-on-battery-storage-system/

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