Macquarie’s Green Investment Group (GIG) and Enso Energy are to work together on an initial 1GW of solar power development in the UK.
The partnership aims to create one of the UK’s largest subsidy-free solar and battery storage portfolios in the country.
Initial projects are grid secured and are being submitted for planning approval, the companies said.
This includes projects across England and Wales, where the team are currently conducting virtual community consultations to ensure that the views of local communities can be taken into consideration during this period of required social distancing.
The solar farms expect to be backed by power purchase agreements (PPAs), providing predictably priced power to UK businesses, they added.
Many of the projects will use newly available tracking and bifacial solar technology to ensure that the energy produced per hectare is maximised thereby reducing the physical footprint of each project.
The combination of solar with battery storage technology will provide a more flexible output, address demand during peak periods, as well as providing auxiliary services and stability to the grid to facilitate increased levels of renewables on the system, the partners said.
Each development will include a Biodiversity Net Gain Assessment to demonstrate the benefits of each project, they added.
Enso Energy co-founders Ian Harding and Andrew King said: “Both Macquarie’s Green Investment Group and Enso Energy are totally committed to an ambitious programme of large-scale solar development.
“This partnership brings together two organisations that share the same vision, to dramatically accelerate the delivery of the benefits of low-cost solar energy to communities up and down the country.”
Green Investment Group Europe head Edward Northam said: “From our origins in the UK as the world’s first green investment bank, GIG has grown into a global green energy powerhouse while remaining steadfastly committed to accelerating the UK’s transition to a greener economy.
“The UK’s solar market holds huge potential to create green jobs and help the UK get closer to its aim of becoming a net zero economy.
“By combining GIG’s deep technical and financial capabilities with Enso’s highly experienced development team, our partnership has the skills and expertise to unlock that potential, bringing low-cost, low-carbon power to communities right across the UK.”