Renewable Power Capital (RPC) and Greenfield have closed an agreement to develop at least 500MW of battery storage capacity in the UK.
As part of the deal, RPC has acquired two initial projects from Greenfield with an expected combined capacity of 83MW.
These developments are forecast to be fully permitted by the second quarter of 2024.
The agreement with Greenfield reinforces RPC’s commitment to the fast-growing GB battery storage sector, which is a strategic priority for RPC.
The company aims to own and operate storage assets over the long term and the partnership with Greenfield is critical to RPC’s growing portfolio of renewables.
This deal follows the company’s announcements earlier this year of a 1GW onshore wind JV in Poland and a 1GW development partnership for solar PV in Spain.
In March, RPC celebrated its shift from renewables investor to operator, taking over the operation of three onshore wind farms in Finland.
Advisers on this transaction were CMS and Fichtner.
RPC chief executive Kevin Devlin 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.”
Greenfield managing director David Ring 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.”