Alberta Investment Management Corporation (AIMCo) and Railpen have jointly acquired a 94% stake in the Constantine Energy Storage (CES) battery storage platform in the UK.
CES will invest more than £400m to build out a pipeline of grid-scale battery energy storage projects in the country that are under development by Constantine Group subsidiary Pelagic Energy Developments.
AIMCo head of infrastructure, renewables and sustainable investing Ben Hawkins said: “The acquisition of CES is an ideal fit for our growing global portfolio of high-quality infrastructure assets.
“Grid-scale batteries are a critical enabler of the UK energy transition, and the country’s net-zero ambitions.
“We look forward to leveraging our deep asset expertise, working closely with the management team to build and grow this business that will support Britain’s energy needs and transition over the long term.”
Constantine investment director Graham Peck added: “Through our subsidiary Pelagic Energy, CES has a robust project pipeline of large and well-located battery projects, which are deliverable in the near term, and thus provide a secure pipeline of best-in-class assets.
“We look forward to working with AIMCo and Railpen in building this platform, and in so doing enabling and enhancing the production of renewable energy in the UK.”