TagEnergy and Balance Power have signed a framework agreement to build, own, and operate 500MW of energy storage projects in the UK.
Delivering the 500MW of projects in Balance Power’s pipeline will require investment of over £300m over the next four years.
The partnership will increase TagEnergy’s current portfolio of over 300MW of ready-to-build or under construction battery projects by an additional 500MW at different stages of development.
Balance Power has a further 300MW contracted and part delivered, and an additional 1GW of projects in its development pipeline.
The agreement will deliver Balance Power’s first operating energy storage projects.
In 2020 the company sold its 34MW of operating gas peaking projects to Sterling and Wilson.
Phil Thompson, CEO of Balance Power, said: “We are delighted to partner with TagEnergy on these projects.
“We have a shared vision for the market and the team has a successful track record in delivering and operating projects which complements our own expertise and skill in project development.”
Franck Woitiez, CEO of TagEnergy, added: “This agreement is increasing significantly TagEnergy’s pipeline and strengthens our goal to connect more sustainable, competitive and clean power to the national grid and accelerate the energy transition.
“We are delighted to partner with Balance Power which has a strong track record of development in the UK.”