Macquarie鈥檚 Green Investment Group (GIG) has bought its first UK utility-scale battery storage portfolio with a plan grow the portfolio through acquisition and development of additional projects.
GIG has invested an undisclosed amount to buy the portfolio of battery storage projects from battery storage developer Capbal.
The initial portfolio contains 7 projects located in areas including Scotland and South East England. Construction is expected to commence on the first projects during 2021.
GIG said it will partner Capbal to deliver an initial 187MWh of late-stage development projects, and grow the portfolio.
Edward Northam, the head of GIG in the UK and Europe, said: 鈥淣et-zero demands an overhaul of our entire energy systems - for us to fundamentally rethink not just how we generate energy, but how we get it where we need it, when we need it.
鈥淥ur success in creating a flexible, low-carbon energy system is inextricably linked to our success in delivering energy storage at scale. GIG鈥檚 partnership with Capbal is an exciting first step for us in this market, and we look forward to creating even more opportunities to accelerate the deployment of this critical technology.鈥�
David Fyffe, founder and MD of Capbal, said: 鈥淣et zero by 2050 will require a massive clean energy expansion during the 2020s. Battery storage is key enabling technology, adding essential flexibility and intelligence to a grid under increasing stress due to the rapid growth in intermittent renewables.
鈥淎lthough it has taken time for the battery storage sector to mature, scale and speed to market are now vital and GIG is the ideal partner to deliver our initial portfolio of attractive, grid scale projects and more.鈥�
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