AIMCo, Railpen buy 94% of UK energy storage platform with GBP-400m pipeline

Burwell energy storage system. Image by: Trina Storage.

August 1 (Renewables Now) - UK railways pension scheme Railpen and the Alberta Investment Management Corporation (AIMCo) have jointly bought a 94% stake in UK battery energy storage platform Constantine Energy Storage, the buyers said on Friday without disclosing the size of their investment.

England-based CES has plans to invest GBP 400 million (USD 480.5m/EUR 469.4m) to build out a pipeline of grid-scale battery energy storage projects across the UK, which are currently being developed by Constantine Group’s subsidiary Pelagic Energy Developments. No specific details about the projects were available.

“The acquisition of CES is an ideal fit for our growing global portfolio of high-quality infrastructure assets,” said Ben Hawkins, Head of Infrastructure, Renewables and Sustainable Investing at AIMCo. For Railpen, meanwhile, the deal is the first direct investment into battery storage and aligns with the company’s commitment to invest in innovative assets, commented, Lewis Vanstone, its investment director.

(GBP 1.0 = USD 1.201/EUR 1.174)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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