Macquarie’s GIG forms battery storage platform

Macquarie Asset Management’s Green Investment Group (GIG) on Monday launched a new standalone business focused on battery storage and called Eku Energy.

The new global battery storage platform will start with a portfolio that consolidates GIG’s existing energy storage operations in the UK, Australia, Japan and Taiwan. Upon receiving relevant regulatory approvals, it will have over 3 GWh of developed, acquired or identified projects, including two projects under construction -- a 150-MW/150-MWh battery in Victoria, Australia, at the site of the former Hazelwood coal-fired power station, and a 40-MW/40-MWh project in Essex in the UK.

The platform will pursue diversification across markets, revenue and contracting structures.

GIG says that battery storage is a key element of the energy transition that enables an increased use of renewable energy. It cited BNEF forecasts, according to which energy storage capacity is expected to grow from 46 GW in 2021 to 411 GW by 2030.

Earlier this year, Macquarie’s GIG formed a specialist offshore wind business named Corio Generation.

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