The new joint venture will acquire, build and operate utility-scale storage projects and is looking to build up to 1 GW of storage, with a current pipeline of 240 MW to be built over the next 24 months.
The RPC-Eelpower joint venture batteries will participate in wholesale electricity markets and provide ancillary services to National Grid, in support of the energy transition on the GB electricity system. Battery storage projects are unsubsidised, underscoring the JV partners’ approach to investing in projects without government subsidy as a long-term project owner. It is the first investment by RPC in the UK and follows their recent acquisition of a 528 MW onshore wind portfolio in Sweden.
The agreement with RPC is Eelpower’s third joint venture in the GB storage market within two years. In January 2021, it entered a JV with SUSI Partners and in September 2021 it announced a JV with Next Energy Solar Fund which was expanded in September 2022 and recently (31st October 2022) acquired the development rights of a 250 MW storage portfolio in the East of England.
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.
“Eelpower was founded to make the transition to renewable energy sustainable, through the creation of a platform of grid-scale electricity storage assets” said Eelpower CEO Mark Simon. “We are delighted to be working with RPC as a partner and intend that our joint venture leads the battery storage market in terms of scale, quality of assets and speed of deployment.”
RPC CEO Bob Psaradellis added that 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” said Mr Psaradellis.
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