Developer NatPower has claimed it will invest £10 billion (US$12.8 billion) in the UK’s battery energy storage system (BESS) market, targeting 60GWh of deployments by 2040.
NatPower UK, a part of Luxembourg-based global developer NatPower Group, will first deploy battery BESS before expanding into large-scale solar and wind projects later this year.
According to a statement released by the company this morning (7 March), NatPower UK will develop “GigaParks” with the first three to go for planning permission in 2024. A further 10 will apply for planning permission in 2025.
£600 million has been earmarked for the development of substations in the initial phase as the company attempts to tackle and overcome grid bottlenecks and connection delays. This continues to be a key obstacle with many renewable developments with National Grid ESO anticipating the register to reach over 800GW by the end of 2024.
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Stefano Sommadossi, CEO at NatPower UK, highlighted this could be solved via investment. Sommadossi said: “To solve the bottlenecks that are slowing the shift to clean energy, we will drive investment into the grid itself, collaborating with grid operators to deliver more than 20% of the new substations required.
“By investing in substations and focusing on energy storage first, we will enable the next phase of the energy transition and bring down the cost of energy for consumers. We plan to deliver the benefits of the energy transition to all corners of the UK and our portfolio will play a big part in the UK achieving 100% of its targets.”
