Renewables development Green Investment Group (GIG) has secured a portfolio of UK-based battery storage projects.
Acquired from Capbal, GIG will work with the London-based firm to deliver an initial 187 megawatt hours (MWh) of late-stage development projects.
GIG, a Macquarie Group company, also has plans to grow the portfolio through the acquisition and development of additional schemes.
Battery storage will be crucial to the UK’s net zero goals, offering security of supply from renewables that doesn’t currently exist.
It is estimated that wind and solar capacity will have to meet almost 60% of the UK’s energy mix by 2030.
By storing the power that projects create in large-scale batteries, grid operators can match energy supply and demand, easing pressure on congested areas.
It will also allow more renewable energy to come online and reduces the reliance on high carbon forms of generation.
Edinburgh-headquartered GIG’s initial 187 MWh portfolio contains 7 seven projects strategically located in highly congested areas of the UK network, including Scotland and South East England.
They will provide a “number of grid services”, with construction expected to kick off this year.
Edward Northam, head of GIG in the UK and Europe, said: “Net-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.
“Our success in creating a flexible, low-carbon energy system is inextricably linked to our success in delivering energy storage at scale. GIG’s 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.”
David Fyffe, founder and MD of Capbal, said: “Battery storage’s time has come. Net 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.
“Although 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. We look forward to an energetic and productive partnership with GIG.”
