Cambridge Power and Brookfield Renewables have signed a framework agreement to create a portfolio of 985MW battery energy storage system (BESS) facilities across the UK.
Over the next five years, the deal covers more than 800MW of fully permitted BESS assets and 185MW of co-located solar for investment.
Brookfield said it will invest a large amount of money to build the asset portfolio.
Cambridge Power will oversee the assets’ construction and operation, with projects slated to begin construction this year and be operational by 2023.
Pigeon Investment Management formed Cambridge Power in 2018 with the goal of developing grid-scale energy storage assets across the UK.
Brookfield’s renewables portfolio includes hydro, wind, solar, and storage facilities across North America, South America, Europe, and Asia, with a total installed capacity of over 21 GW and a development pipeline of about 62 GW.
Richard Stanton, chairman of Cambridge Power, said: “This partnership represents a terrific opportunity for Cambridge Power to develop and operate one of the UK’s leading BESS and solar PV portfolios.”
Ignacio Gómez-Acebo López, vice president of Brookfield Renewables, added: “As owners and operators of one of the largest clean energy businesses in the world we are excited to collaborate with Cambridge Power and contribute to the UK’s transition to Net Zero.
“Our Framework Agreement offers the opportunity to invest in a significant pipeline of BESS and co-located solar opportunities with a leading developer.”