ElectroRoute, a wholly-owned subsidiary of the Mitsubishi Corporation, has announced the expansion of its UK operation as it strengthens its position in the growing energy storage and renewables markets.
The company has indicated that their goal for GB expansion is to have 500MW contracted by the end of the current financial year.
With 1.9GW of assets already under management on the island of Ireland, including over 250MW of energy storage assets, this move will see further additions to its 20-strong energy trading team in London.
ElectroRoute has already contracted a portfolio of wind and solar assets in the UK market both under equity and project finance conditions.
The business expects to expand its UK operations substantially over the coming months and is eyeing the burgeoning co-location market segment for solar and storage assets as a key long term growth opportunity.
Industry predictors of solar/storage build-out have highlighted a sharp rise in applications for co-located storage with a medium term market capacity in excess of 20GW.
ElectroRoute said it will provide its clients with a range of trading and risk management services for renewables and storage, including asset optimisation, route to market and balancing services and revenue protection structures.
An increase in UK-based activity will be underpinned by ElectroRoute’s existing trading expertise of its 24/7 trading desk and team of expert energy traders, the company said.
Caoimhe Giblin, co-chief executive at ElectroRoute, said: “ElectroRoute’s expansion allows us to build on our existing renewable and storage trading platform in the UK.
“ElectroRoute is steadfast in our mission to help solve the commercial mechanics of a decarbonised energy system and we view the UK market as a strategic platform for us as we plan our medium term growth both here and into Europe.
“Our trading activities in the UK are long established via our power, gas and biomethane trading activities and we’re delighted to further develop that through the announcement of our renewable and storage optimisation business.
“The platform is ready to go and our origination team has already executed our first transactions with a number of exciting opportunities in late stage negotiations, which represents a really positive start to our business.”