The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

International investors from Norway and Canada enter UK energy storage market

By Molly Lempriere

Norwegian renewable energy investor Magnora and Canada’s Alberta Investment Management Corporation have announced moves into the UK battery storage market.

More accurately, Magnora has entered the UK solar market too, with an initial investment into a 60MW solar PV project and a 40MWh battery energy storage system (BESS) project.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

It will develop the projects to a ready-to-build stage together with its local development partner, and then divest them.

While Magnora declined to disclose who its development partner is, it noted that it had a 10-year track record of developing energy projects in the UK.

Over the next 12 months, the investor will optimise the environmental and technical elements of the project, secure planning consents and cost-efficient grid connections, and prepare the sales process, it noted.

Magnora pointed to the UK’s 2050 net zero target as well as the Committee for Climate Change’s suggestion that 40GW of solar PV by 2030 is likely, as reasons the UK market is attractive to international investors.

Alberta Investment Management Corporation (AIMCo) and investment manager Railpen have jointly acquired a 94% stake in UK battery storage company, Constantine Energy Storage (CES).

CES develops grid-scale batteries and is planning to invest more than £400 million (US$488.13 million) to build out a pipeline of projects in the UK.

These projects are currently under development by Constantine Group subsidiary Pelagic Energy Developments.

“Constantine Group has a long track record of developing and managing renewable energy platforms,” said Graham Peck, investment director at Constantine.

“During this time, we have seen increasing deployment of renewable energy projects creating a large market opportunity and inherent infrastructure demand for energy storage. Through our subsidiary Pelagic Energy, CES has a robust project pipeline of large and well-located battery projects, which are deliverable in the near term, and thus provide a secure pipeline of best-in-class assets.”

Railpen has over £37 billion assets under management on behalf of several pension schemes.

AIMCo meanwhile, had $168.3 billion assets under management as of 31 December 2021. The institutional investment manager was set up in 2008 and operates at arms-length from the Government of Alberta, investing globally on behalf of 32 pension, endowment and government funds.

This story originally appeared as two separate items on our UK sister site Solar Power Portal. Read the full version of the Magnora story here, read the full version of the AIMCo-Railpen-Constantine Energy story here.

8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

June 21, 2024
Rankings by EY of the most attractive markets for renewable energy investment include battery storage, with US, China and UK as frontrunners.
June 20, 2024
Recurrent Energy has closed US$513 million financing on a battery storage project in Arizona, US, which has a 20-year utility tolling agreement in place.
June 20, 2024
NV Energy is seeking approval from the Public Utilities Commission of Nevada of its 2024 IRP which it submitted on 31 May 2024.
June 20, 2024
NHOA Energy signed an agreement with Statkraft to supply a battery energy storage systems (BESS) for a 113MWh project in Coylton, Scotland.
June 20, 2024
The Queensland government confirmed yesterday (18 June) that Caloundra, Australia, will house a Local Renewable Energy Zone (LREZ), with plans to triple rooftop solar PV generation.

Most Popular

Email Newsletter