Green Investment Group (GIG), via the Macquarie Green Investment Group Energy Transition Solutions (MGETS) fund, has launched a global battery storage platform.
Eku Energy, a standalone business, will develop, build, and actively manage a portfolio of energy storage assets diversified across markets, revenue, and contracting structures.
Eku Energy’s initial portfolio will consolidate GIG’s existing battery storage activities in the UK, Australia, Japan and Taiwan.
Subject to receipt of relevant regulatory approvals, Eku will hold a pipeline of developed, acquired, or identified projects totalling over 3GWh, including a 150MW/150MWh project in Australia at the site of the decommissioned Hazelwood coal-fired power station in Victoria.
At launch, Eku will also hold one project under construction in the UK, a 40MW/40MWh facility in Essex.
Chris Morrison, Interim CEO of Eku Energy, said: “As the world races towards net zero, the challenges around the energy transition are shifting. We’ve proven we can produce renewable energy at low cost, now we need to deliver the smart, flexible energy system that will support the electrification of the global economy.
“Battery storage is critical to maximising the role for renewables in our energy mix by enabling the delivery of dispatchable clean energy.
“We’re excited to be at the leading edge of this journey, delivering the investment and projects at scale that will be key to net zero.”
Mark Dooley, Global Head of GIG, said: “The energy transition demands an overhaul of our entire energy system.
“We’ve been working to accelerate the deployment of energy storage solutions for many years now and are excited by the opportunity to take this work to the next level with the launch of Eku Energy.
“There is a significant volume of investment required in these technologies in the years ahead.
“We are well positioned to support this demand – harnessing our sectoral knowledge and global presence, while leveraging learnings from around the world, to provide our investors with exposure to this defining investment theme.”