Renewable Power Capital (RPC), has entered the battery storage market in Great Britain, working with Eelpower, the UK specialist battery storage company. The new joint venture will acquire, build and operate utility-scale storage projects and is targetting 1GW of storage, with a current pipeline of 240MW to be built over the next 24 months. RPC is backed by CPP Investments. It is the first investment by RPC in the UK and follows acquisition of a 528MW onshore wind portfolio in Sweden.
The RPC-Eelpower joint venture batteries will participate in wholesale electricity markets and provide ancillary services to National Grid.
The agreement with RPC is Eelpower’s third joint venture in the GB storage market within two years. In January 2021, it entered a JV with SUSI Partners and in September 2021 it announced a JV with Next Energy Solar Fund which was expanded in September 2022 and recently (31 October) acquired the development rights of a 250MW storage portfolio in the East of England.
Great Britain represents the largest utility-scale battery storage market in Europe with 1.7GW installed at the end of 2021 and a capacity of 10 GW predicted by 2030.
RPC chief executive Bob Psaradellis said: “Battery storage will play a key role in decarbonising the grid and balancing intermittent renewable generation. The flexibility it provides will be central to building a twenty-first century grid. The GB market has real momentum behind it and presents one of the best opportunities in Europe. We are pleased to be working with Eelpower to enter this market.”