Energy storage investor Renewable Power Capital (RPC) and energy company Eelpower said they formed a joint venture (JV). It will acquire, build and operate utility-scale energy storage projects in the UK.
They will participate in wholesale electricity markets and provide ancillary services to National Grid. The venture will target up to 1GW of storage, with a near-term pipeline of 240MW.
No further technical details were given. So far, the JV does not contain assets, and exact output and technology involved is to be determined. The JV hopes to acquire its first assets this year, a spokesperson said.
The partners said Britain represents the largest utility-scale battery storage market in Europe, with 1.7GW installed by the end of 2021. Forecasts predict growth to 10GW by 2030.
This storage debut is also the first investment by RPC in the UK and follows its recent acquisition of a 528MW ready-to-build onshore wind portfolio in Sweden. Last year, RPC also secured 10-year power purchase agreements for three Finnish onshore wind projects. RPC said they are expected to begin operation within the next two months.