Centrica has entered into an agreement to acquire up to nine ‘ready to build’ battery energy storage projects (BESS) in Sweden with a total capacity of over 100MW from Fu-Gen AG, the Swiss based renewables developer and independent power producer.
The investment forms part of Centrica’s plans to materially increase investment over the coming years as part of its green-focused growth and investment strategy, it said.
While the batteries will be deployed in the SE3 region, which includes Stockholm and surrounding areas, they will provide grid flexibility and ancillary services across the wider Nordic electricity market.
“The acquisition strengthens our position as a leading provider of flexibility energy solutions across Europe,” said Centrica Power managing director Ulrika Wising.
“Battery storage is a key enabler for the transition to a low-carbon energy system, and we look forward to working with Fu-Gen to deliver these projects and to support the integration of more renewable energy in Sweden.”
Fu-Gen director and founder Lorenzo Lanteri added: “This transaction marks a significant milestone for Fu-Gen, as we successfully execute our strategy of developing high-quality renewable energy assets in attractive markets.
“We are proud to partner with Centrica, a global leader in energy and services, and to contribute to the decarbonisation of the Swedish electricity sector.”
The first batteries are planned to become operational in 2026.