NextEnergy Solar Fund (NESF) and Eelpower have extended their UK battery storage partnership with a new 拢200m (鈧�236m) investment venture.
London-listed NESF said it will hold a 75% stake in Joint Venture Partnership 2 (JVP2) with Eelpower owning the remaining 25% interest in the partnership.
The latest venture follows an existing 拢100m Joint Venture Partnership (JVP1) which was announced last year. JVP1鈥檚 50MW battery storage project is currently under construction in Fife, Scotland, and is expected to be energised and grid-connected in the first half of next year.
Kevin Lyon, Chairman of NextEnergy Solar Fund, said: 鈥淏attery storage is a vital technology in increasing the penetration of renewables in the UK. NESF has made excellent progress expanding and diversifying into this technology through its relationship with Eelpower.
鈥淣ESF has created a unique opportunity to become a key player in this space, whilst enhancing the existing portfolio of solar assets. Pending shareholder and FCA approval, NESF can further diversify and offer investors continued exciting growth prospects.鈥�
Michael Bonte-Friedheim, CEO of NextEnergy Group said: 鈥淭he new joint venture partnership builds on the successful relationship with the Eelpower team and enhances NESF鈥檚 position as a key player in the battery storage sector.
鈥淭he partnership also secures NESF an exclusive pipeline of over 500MW of battery storage opportunities which is incredibly exciting, and will further enhance the UK鈥檚 energy independence once energised and grid-connected.鈥�
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