Investment group

Green Investment Group completes financial close of UK’s first battery storage project – pv magazine international


Earlier this year, GIG announced the acquisition of a portfolio of utility scale and distribution connected battery storage projects in the UK of Capbal Limited. This portfolio includes seven projects strategically located in highly congested areas of the UK grid, including Scotland and the South East of England. The 40 MW / 40 MWh Maldon project is the first project in the portfolio to reach financial close.

GIG conducted late stage development activities and conducted an extensive procurement process to provide a competitive contractual structure for the project. This includes EDF, which will provide the route to market under a long-term contract, Trina Storage and G2 Energy, which will provide EPC, and O&M, and Wood, which will provide construction and management of the assets.

The project follows GIG’s recent announcement to deliver Australia’s largest privately funded and fully engaged drums storage 150 MW / 150 MWh project in partnership with ENGIE and Fluence on the site of the former Hazelwood power plant in the Latrobe valley, Victoria.

To achieve the UK’s net zero goal in 2050, the UK government has committed to decarbonising the electricity system by 2035. Battery storage will be a key enabler and will also help decarbonize the power grid of two ways:

  • Short-term “frequency response” services (ancillary services) help compensate for reduced system stability caused by the removal of fossil fuel generators from the grid; and
  • Charging during periods of high generation and low demand and discharging during periods of low generation and high demand enables ‘peak shifting’, resulting in better use of renewable energy production in off-peak hours and less dependence on high carbon forms of production to ensure balanced service delivery.

EDF will provide GIG’s assets with access to a variety of revenue sources, including ancillary services such as dynamic containment, balancing mechanism and wholesale optimization.

Greg Callman, Global Head of Energy Technology, GIG: “We firmly believe in the essential role of battery storage in unlocking the global energy transition, enabling the capacity of renewable energies to be extended and more resilient energy networks. “

Edward Northam, Head of GIG UK & Europe, said: “Achieving financial close on this project is an exciting first step for GIG in this market and we look forward to further developing the portfolio and creating even more opportunities to accelerate the delivery of this vital technology. “