NextEnergy enters first UK energy storage venture with Eelpower

(Alliance News) - NextEnergy Solar Fund Ltd on Friday announced its first energy storage venture ...

Alliance News 17 September, 2021 | 8:46AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - NextEnergy Solar Fund Ltd on Friday announced its first energy storage venture in the UK.

The London-based renewable energy investment company said it has entered a GBP100 million joint venture with battery storage specialist Eelpower.

NextEnergy owns 70% of the venture, the company said, with Eelpower holding the remaining 30%.

The joint venture plans to use the funds to establish energy storage projects with a total capacity of up to 250 megawatts.

NextEnergy said the venture has already signed its first acquisition of a 50 megawatt stand-alone battery storage project.

"Battery storage forms a significant part of [NextEnergy]'s growth and diversification strategy, and will be a key enabler to the further market deployment of solar assets in the UK," the company noted.

According to the renewables investor, the power storage projects offer access to several revenue opportunities in the UK, including arbitrage energy trading, the capacity market and various ancillary services to stabilise the electric grid frequency.

"[NextEnergy] is now demonstrably progressing its exciting growth strategy both in UK energy storage and international expansion of its portfolio of solar projects," Chair Kevin Lyon concluded.

Shares in NextEnergy were trading up 0.1% at 98.60 pence each in London on Friday morning.

By Scarlett Butler; scarlettbutler@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
NextEnergy Solar Ord 100.80 GBX 0.20 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.