Renewable Power Capital (RPC), a pan-European renewable energy investment platform, has entered the British battery storage market through a joint venture (JV) with Eelpower.
The JV will acquire, build and operate utility-scale storage projects and is targeting to build up to 1GW of storage, with a pipeline of 240MW 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 ESO.
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 the platform’s recent acquisition of a 528MW onshore wind portfolio in Sweden.
The agreement with RPC is Eelpower’s third JV 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 acquired the development rights of a 250MW storage portfolio in the east of England.
Great Britain represents the largest utility scale battery storage market in Europe with 1.7GW installed by the end of 2021.
Forecasts predict growth to 10GW by 2030, accompanied by continued growth in intermittent renewables penetration.
Eelpower CEO Mark Simon said: “Eelpower was founded to make the transition to renewable energy sustainable, through the creation of a platform of grid-scale electricity storage assets.
“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 said: “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.”