Renewable Power Capital (RPC) and Greenfield have closed an agreement to develop at least 500MW of battery storage capacity in the UK.
As part of the deal, RPC has acquired two initial projects from Greenfield with an expected combined capacity of 83MW. These projects are forecast to be fully permitted by the second quarter of 2024.
The agreement with Greenfield reinforces RPC’s commitment to the fast-growing GB battery storage sector – a strategic priority for RPC.
RPC has entered the market to enable the energy transition in a post-subsidy environment. With a view to owning and operating the storage assets over the long term, this partnership is critical to RPC’s growing portfolio of renewables, which supports a flexible, decarbonised, and resilient grid.
With 1.7 GW installed by the end of 2021, the UK represents the largest utility-scale battery storage market in Europe. This is forecast to increase to 10GW by 2030.
This deal follows RPC’s announcements earlier this year of a 1GW onshore wind JV in Poland and a 1GW development partnership for solar PV in Spain. In March, RPC celebrated its shift from renewables investor to operator, taking over the operation of three onshore wind farms in Finland.
Advisers to RPC on this transaction were CMS and Fichtner.
Kevin Devlin, CEO of RPC, commented: “Lithium-ion battery storage is currently the most flexible short duration storage technology available and will play a crucial role in balancing our energy system. The UK is already a leader in this sector, and we are excited to partner with Greenfield in order to accelerate and amplify this growth.”
David Ring, Managing Director of Greenfield, commented: “We’re delighted to have a partner in RPC who not only shares the same collective goal and endeavour to tackling climate change, but who also aligns with the importance battery storage will play in building a long-term sustainable solution for the UK and beyond. By bringing this exciting partnership together, we solidify our position as a market leader in the investment and development of battery storage across the UK.”
