Fotowatio Renewable Ventures (FRV) and Tyler Hill Partners have created a platform to develop, build and operate up to 1GW/2GWh of battery energy storage system projects in the UK.
The platform, RV TH Powertek Limited, is expected to invest up to £1 billion (US$1.14 billion) in the projects over the next five years. The portfolio will total 1GW of power and 2GWh of energy capacity, indicating that most of the systems will have a duration of two hours.
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Battery storage developers in the UK are increasingly moving to two hours as projects increasingly derive revenues from wholesale energy trading rather than solely grid ancillary services, a trend Energy-Storage.news has previously reported on. FRV is a case in point, recently starting construction work on a 99MW/198MWh project in Essex, southeast England.
Madrid-based FRV is a renewable energy development arm of Abdul Latif Jameel Energy, part of the family-owned conglomerate founded in Saudi Arabia in 1945 by the late Sheikh Abdul Latif Jameel, while Tyler Hill is a UK-based renewable energy developer.
Tyler Hill is run by Preeti Yardi, Ravinder Shan & Ravishankar Tumuluri who will also manage the new platform. A press release said the trio have extensive experience across the value chain in development, financing, construction and operations of renewable energy projects.
Felipe Hernandez, general manager of engineering at FRV said: “At Abdul Latif Energy we are committed to establishing collaborations with best-in-class partners where opportunities could arise to support our efforts towards mitigating the impacts of climate change.”
“The introduction of FRV TH Powertek Limited reflects our commitment to developing new green technologies that contribute to achieving the UK’s ambitions to become a ‘net zero’ emitter and power its green industrial revolution.”
The UK energy storage market has one of the fastest-growing pipelines of projects anywhere in the world, now totalling around 40GW, with National Grid ESO recently saying that ‘at least’ 50GW is needed by 2050.