November 23 (Renewables Now) - London-based renewables investment platform Renewable Power Capital (RPC) said today it has agreed to form a joint venture (JV) with UK energy storage specialist Eelpower that will target 1 GW of utility-scale storage capacity in Great Britain.
The JV will acquire, build and operate utility-scale projects. It will be working on a near-term pipeline of 240 MW.
The new business will participate in wholesale electricity markets and offer ancillary services to National Grid.
“Battery storage will play a key role in decarbonising the grid and balancing intermittent renewable generation,” according to RPC chief executive Bob Psaradellis.
“The GB market has real momentum behind it and presents one of the best opportunities in Europe,” Psaradellis also said.
Great Britain is considered to be Europe’s largest utility-scale battery storage market with 1.7 GW deployed by end-2021, it is noted in the announcement, and growth to 10 GW projected by 2030.
Created in 2020, RPC is backed by CPP Investments which invests the assets of the Canada Pension Plan. It has so far committed almost EUR 1.5 billion (USD 1.54bn) in acquisitions including wind and solar in the Nordics and in Spain.
The JV is a storage debut for RPC and also its first investment in the UK.