Large scale battery storage becoming a reality in Great Britain as Renewable Power Capital and Eelpower agree 1GW storage venture – EQ Mag
“Battery storage will play a key role in decarbonising the grid and balancing intermittent renewable generation” says RPC CEO Bob Psaradellis
The joint venture will target 1GW of utility-scale storage capacity, with a near-term pipeline of 240MW
Renewable Power Capital (RPC) has announced its entry into the battery storage market in Great Britain, working with Eelpower to acquire, build and operate utilityscale projects.
The venture will target up to 1GW of storage, with a near-term pipeline of 240MW.
The new RPC-Eelpower joint venture will participate in wholesale electricity markets and provide ancillary services to National Grid, making an expanded contribution to the GB electricity system. Battery storage projects are unsubsidised, underscoring RPC’s approach to investing in projects without government subsidy as a long-term project owner. The joint venture cements RPC’s position as a key investor in the fastgrowing storage sector.
This storage debut is also the first investment by RPC in the UK and follows RPC’s recent acquisition of a 528MW ready-to-build onshore wind portfolio in Sweden; a deal which was executed on an unlevered and unhedged basis. Late last year, RPC also secured 10-year PPAs for three Finnish onshore wind projects that are expected to begin operation within the next two months.
RPC was established in 2020 and is backed by CPP Investments. Since its incorporation, RPC has committed nearly €1.5bn in acquisitions including wind and solar PV in Spain and the Nordics.
Great Britain represents the largest utility scale battery storage market in Europe with 1.7 GW installed by the end of 2021. Forecasts predict growth to 10 GW by 2030, accompanied by continued growth in intermittent renewables penetration. Last month saw new records as wind generated 50% of the UK’s power over a day. Lithium-ion battery storage is the most flexible short duration storage technology currently available.
Bob Psaradellis commented: “Battery storage will play a key role in decarbonising the grid and balancing intermittent renewable generation. The flexibility it provides will be central to building a twenty-first century grid. The GB market has real momentum behind it and presents one of the best opportunities in Europe. We are pleased to be working with Eelpower to enter this market.”
Eelpower CEO Mark Simon commented: “Eelpower was founded to make the transition to renewable energy sustainable, through the creation of a platform of grid-scale electricity storage assets. We are therefore delighted to be working with RPC to ensure that our joint venture leads the battery storage market in terms of scale, quality of assets and speed deployment.”
Renewable Power Capital
Renewable Power Capital is a pan-European renewable energy investment platform established in 2020, backed by CPP Investments. Renewable Power Capital is registered in the United Kingdom, with headquarters in London. We invest in the development, construction, and long-term ownership of solar, onshore wind and battery storage projects, enabling the energy transition and driving stable long-term, risk-adjusted returns. Our flexible mandate allows us to structure investments that recognize the changing market dynamics in Europe and to develop innovate
solutions for managing development, construction, and merchant investments.
Eelpower
Eelpower is a privately held, well-established constructor-owner-operator in the new and rapidly growing electricity storage market. Eelpower’s management team pioneered the use of battery storage integrated with solar and hydro generation and industrial consumers before dedicating itself to developing the use of the gridscale, front-of-meter batteries. Since 2017, Eelpower has consistently generated among the highest revenues per MW of all storage operators in UK.
