The European Bank for Reconstruction and Development is reviewing how it invests in the energy sector— which could see it financing battery storage projects for the first time, BBB can reveal.
The bank is working on a blueprint to update its existing ‘Energy Sector Strategy’ (ESS)— approved four years ago and which did not even mention battery storage.
Now all that is set to change. The bank’s director for power and energy utilities, Harry Boyd-Carpenter (pictured), told BBB: “So far we have not financed any battery storage projects. However, we observe that this area is becoming increasingly important and high profile and we therefore expect a much greater focus on it in the course of the review next year.”
BBB understands the revised ESS, which is being “pre-drafted” ahead of public consultation, is expected to be ‘technology neutral’ and allow the bank to consider applications to finance projects of all battery types— such as lead-acid and lithium-ion.
The bank declined to comment in detail before completing the review, which it said would hear the views of “the widest possible range of stakeholders, to ensure it is informed by an awareness of the full range of concerns and opportunities in the energy sector for the coming years”.
The first phase of public consultation runs until 1 February 2018. The bank expects to publish its draft ESS in the second half of 2018— when it will undergo a second and final stage of consultation before being adopted at the end of next year.
The London-based bank is owned by 66 countries plus the European Union and the European Investment Bank.
Since 2014, the bank has invested more than EUR6.5 billion ($7.6bn) in some 110 energy-related projects.
