NextEnergy Solar Fund Ltd (LON:NESF) will add a 6-MW/12-MWh battery system to its existing 11-MW North Norfolk solar farm in what is its first co-located battery storage project.
The listed investment company managed by NextEnergy Capital, part of NextEnergy Group, said on Tuesday it has secured planning permission for the co-located facility and expects to kick off construction later in 2022.
A further four potential locations for co-located batteries have been identified. Under its retrofit programme, the company wants to exploit battery storage collocation opportunities presented by its 91 UK solar assets. This is in addition to its existing joint venture with Eelpower, announced last year, for 250 MW of standalone battery storage.
“Implementing co-located batteries across the portfolio presents an attractive growth opportunity for NESF as these assets offer both synergies with our PV assets, as well as offering diversification to our portfolio income," said NextEnergy Group chief executive Michael Bonte-Friedheim.
According to Ross Grier, UK managing director of NextEnergy Capital, energy market volatility and continued demand for more renewable energy will increase the value proposition for battery storage within NESF's portfolio.
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