A new joint venture between a UK-based asset manager and a Danish renewables investor has been signed to fund a 500MW solar and storage pipeline in the UK.

Denmark-headquartered firm Ørsted, formerly DONG Energy, has started building its first large-scale solar-plus-storage project, located in Andrews County, Texas, alongside existing oil and gas installations.

Ørsted understood to have invested low double-digit million dollar figure to purchase HelioSage, subsidiary of Panasonic-owned Coronal.

Ørsted, formerly DONG Energy, has confirmed its entry into the UK battery storage market with a new 20MW project near Liverpool.