Econergy Renewable Energy has purchased a 100 percent stake in the 50MW Swangate energy storage project in England from Yoo Energy.
The property, which is located in Yorkshire, has already secured all of the essential development permissions, including grid connection approval.
Construction is planned to commence in the first quarter of 2022, with commercial operations beginning early the following year.
Swangate will be part of a larger pipeline of projects with more than 800MW of storage and 900MW of solar PV, according to Econergy, which expects its whole portfolio of UK ventures to be operational by 2025.
The developer went on to say that the storage projects in the UK will be built in two ways: as co-location projects with the solar pipeline and as stand-alone grid-support storage projects.
For the acquisition, Renew Legal served as legal counsel to Econergy.
Chief executive officer of Econergy Eyal Podhorzer said: “We are delighted to have acquired this landmark storage project from Yoo Energy.”
“The UK is a key market for Econergy and is leading the development of storage technology, which has a key role to play in reducing our reliance on fossil fuels and enabling the clean energy transition.
“This project will help us to become a key player in the UK storage market as we look to significantly expand our portfolio of projects under development in the coming months.”