Renewable Power Capital (RPC) and Greenfield have reached an agreement to collaborate on the development of a minimum of 500MW of battery storage capacity in the United Kingdom.
As part of the agreement, RPC has purchased two initial projects from Greenfield, which are expected to have a combined capacity of 83MW.
These projects are anticipated to receive full permits by the second quarter of 2024. The partnership with Greenfield reaffirms RPC’s dedication to the rapidly expanding battery storage sector in Great Britain, which holds significant strategic importance for RPC.
The company’s objective is to possess and operate storage assets over the long term, and the collaboration with Greenfield plays a crucial role in augmenting RPC’s renewable energy portfolio.
This agreement follows RPC’s previous announcements earlier in the year regarding a joint venture for 1GW of onshore wind projects in Poland and a 1GW development partnership for solar PV in Spain.
In March, RPC marked its transition from being solely a renewables investor to becoming an operator by assuming control of three onshore wind farms in Finland.
The transaction was advised by CMS and Fichtner.
Kevin Devlin, RPC chief executive, said “Lithium-ion battery storage is currently the most flexible short duration storage technology available and will play a crucial role in balancing our energy system.”
“The UK is already a leader in this sector, and we are excited to partner with Greenfield in order to accelerate and amplify this growth.”
David Ring, Greenfield managing director, added “We’re delighted to have a partner in RPC which not only shares the same collective goal and endeavour to tackling climate change, but which also aligns with the importance battery storage will play in building a long-term sustainable solution for the UK and beyond.”
“By bringing this exciting partnership together, we solidify our position as a market leader in the investment and development of battery storage across the UK.”
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