NESF forms JV targeting 250 MW of UK battery storage

Eelpower Leverton battery storage. Source: Eelpower

September 17 (Renewables Now) - NextEnergy Solar Fund Ltd (LON:NESF) today announced a move into the UK energy storage space with the creation of a joint venture (JV) targeting up to 250 MW of projects.

The solar investor has formed a JV with UK battery storage specialist Eelpower Ltd, where it owns a 70% stake, and Eelpower 30%. The JV will aim to acquire up to 250 MW of battery storage assets with GBP 100 million (USD 138m/EUR 118m) in invested capital.

The partnership has already agreed its first acquisition -- a 50-MW shovel-ready standalone battery storage project in Fife, Scotland, which is expected to be grid-connected in 2022 and to provide revenue opportunities stemming from arbitrage energy trading, the UK capacity market mechanism and ancillary services.

NESF said battery storage is a key element of its growth and diversification strategy and will be important for the further growth of solar in the UK.

(GBP 1 = USD 1.383/EUR 1.176)

More stories to explore
Share this story
About the author
Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription