AIP Management has agreed to acquire a 49% stake in a UK battery energy storage portfolio totalling 700MW and 2GWh.
The Copenhagen-based investor is partnering with BW ESS, which will retain a 51% majority stake through a newly formed AssetCo. BW ESS will manage construction and operations across the portfolio.
The portfolio includes the 100MW/331MWh Bramley project, already operational, alongside Hams Hall (400MW/1422MWh) and Berkswell (200MW/712MWh), both under construction.
Once complete, the assets will be able to support the electricity needs of 2.3 million UK homes for 3.5 hours. They will also provide flexible capacity to address growing renewable penetration, baseload decline and rising grid constraints.
The sites are located in the Midlands and South-East of England, close to major load centres and National Grid substations to minimise congestion risks and maximise access to balancing services.
Revenue will be underpinned by capacity market contracts and offtake arrangements, which AIP said will provide cash flow stability while preserving upside potential.
Completion of the transaction is subject to regulatory approvals.