Eelpower has sold 40MW of existing electricity storage assets to SUSI Infrastructure Partners and won funding from to construct and operate a pipeline of new build battery storage assets that could reach 1GW
The first stage of the partnership will see the start of construction in February of a new 50MW battery storage project at Dunsinane, near Dundee, Scotland.
Eelpower chief executive Mark Simon, said: “We are delighted to be working with SUSI Partners in what is their first investment in the UK’s energy storage market. The establishment of this joint venture comes at an important moment in the development of the UK electricity system. We look forward to working with them and the best route-to-market counterparties as we construct and operate a portfolio of high-performance grid-connected storage assets on our way to building a 1GW electricity storage utility.”
The flexible storage will be able to ramp up fast to balance supply and demand in real time and provide synthetic inertia and other system requirements.Eelpower said it has secured stable returns by negotiating long-term agreements with utilities.
SUSI is a Swiss infrastructure fund manager specialised in sustainable energy infrastructure investments. Eelpower was advised on the transaction by Opus Corporate Finance and Gowlings WLG.