November 24, 2022: Renewable Power Capital announced its entry into the battery storage market in Great Britain on November 23, in a partnership with BESS constructor-owner-operator Eelpower.
RPC said the joint venture will acquire, build and operate utility-scale projects and is targeting up to 1GW of storage capacity with a near-term 240MW projects pipeline.
The partners will take part in wholesale electricity markets and provide ancillary services to the UK’s National Grid.
RPC’s focus on the UK market follows its recent acquisition of a 528MW ready-to-build onshore wind portfolio in Sweden.
London-headquartered RPC was established in 2020 and is backed by the Canada Pension Plan Investment Board — operating as CPP Investments.
Since its formation, RPC has committed nearly €1.5 billion ($1.6 billion) in acquisitions including wind and solar PV in Spain and the Nordics.
According to RPC, Great Britain represents the largest utility scale battery storage market in Europe with 1.7GW installed by the end of 2021 and with growth forecast to be up to 10GW by 2030 on the back of increases in renewable power generating projects.
Eelpower announced in July that it had bought a 20MW lithium ion storage system from British firm Anesco for an undisclosed sum.
The Rock Farm battery storage system, which consists of 16 1.25MW BYD-made storage units, was developed, constructed and commissioned by Anesco in June.