Macquarie’s Green Investment Group (GIG) has reached financial close on a 40MW battery storage project in the UK.
GIG has carried out late-stage development activities and has run a wide procurement process to deliver a competitive contractual structure for the project in Maldon, Essex.
This includes EDF, which will provide the route to market under a long-term contract.
Trina Storage and G2 Energy will provide the EPC and operations, respectively, and Wood will provide construction and asset management.
Earlier this year, GIG announced the acquisition of a portfolio of development-stage utility-scale, distribution-connected battery storage projects in the UK from Capbal Limited.
This portfolio includes seven projects strategically located in highly congested areas of the UK network, including Scotland and south-east England.
The 40MW/40 megawatt-hour Maldon project is the first within the portfolio to reach financial close.
EDF will provide GIG assets with access to a variety of revenue streams including ancillary services such as Dynamic Containment, balancing mechanism and wholesale optimisation.