London Stock Exchange-listed NextEnergy Solar Fund (NESF) has reiterated its commitment to expanding energy storage and solar capacity with the launch of a joint venture partnership with developer Eelpower worth £200 million (US$233 million).
The partnership is dedicated to creating substantial energy storage as a means to complement intermittent renewable energy generation projects, such as solar, with an already installed power capacity of 865MW.
This is the second partnership NESF has established with Eelpower having signed a £100 million joint venture partnership with the battery specialist last year aiming to establish a portfolio of up to 250MW of battery energy storage assets.
The new agreement sees NESF’s ownership increase to 75% with Eelpower now holding 25%. The constructor-owner-operator will provide NESF with experience in delivering various renewable projects helping to capitalise on the rising interest in solar and battery energy storage.
Commenting in April on the implementation of battery energy storage, Ross Grier, UK managing director of NextEnergy Capital, stated: “Battery storage is, and will be, a strong driver of growth for NESF, particularly as we look to help in the drive to decarbonisation and the UK’s goal to achieve net zero by 2050.”
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