Green Investment Group (GIG) has closed funding for a 40MW battery storage project in Essex, marking the first in a series of large-scale distribution connected battery installations that the Australian investor aims to deliver across the UK in the coming years.
GIG – formerly known as the Green Investment Bank before it was sold by the UK government to Australia’s Macquarie Bank – is considering a 187 MWh portfolio of battery storage facilities in the UK, including the Maldon project announced today hui is the first to reach financial close.
First acquired from Capbal Ltd earlier this year, the proposed portfolio includes seven battery storage projects strategically located in ‘severely congested areas of the UK power grid’ including Scotland and the South East. England, according to GIG.
For the 40 MW / 40 MWh Maldon project in Essex, French energy giant EDF won a long-term contract to “provide the bringing to market” of the facility, while Trina Storage and G2 Energy were contracted to provide engineering, operations and maintenance, says GIG.
Additionally, the engineering and project management firm Wood was engaged to provide construction and asset management for the Maldon battery storage facility.
âThe financial close of 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,â said Edward Northam, Director from GIG UK and Europe.
It follows news from last week that Sembcorp Energy UK plans to build a 360 MW battery storage system in Teesside, alongside a proposed gas-fired power plant equipped with capture technology and carbon storage. When completed, the facility is expected to become the largest grid-wide battery storage array in Europe, according to Sembcorp.
GIG believes that the government’s goal of decarbonizing the UK’s electricity system to net zero by 2035 opens up significant opportunities for battery storage, which it sees as a ‘key enabler’ of the net-zero transition, by supporting the production of intermittent renewable energies with back-up services to the grid. .
Greg Callman, Global Head of Energy Technology at GIG, said: âWe strongly believe in the essential role of battery storage in unlocking the global energy transition, enabling the expansion of renewable energy capacity and more resilient energy networks. “
GIG has also partnered with French oil giant TotalEnergies and the Renewable Infrastructure Development Group to develop offshore wind power in Scottish waters, with their joint venture Offshore Wind Power Ltd considering bids in the next seabed lease cycle.