NextEnergy Solar, Eelpower create £200m UK battery storage venture

NextEnergy Solar Fund (NESF) and Eelpower have extended their UK battery storage partnership with a new £200m (€236m) investment venture.

London-listed NESF said it will hold a 75% stake in Joint Venture Partnership 2 (JVP2) with Eelpower owning the remaining 25% interest in the partnership.

The latest venture follows an existing £100m Joint Venture Partnership (JVP1) which was announced last year. JVP1’s 50MW battery storage project is currently under construction in Fife, Scotland, and is expected to be energised and grid-connected in the first half of next year.

Kevin Lyon, Chairman of NextEnergy Solar Fund, said: “Battery storage is a vital technology in increasing the penetration of renewables in the UK. NESF has made excellent progress expanding and diversifying into this technology through its relationship with Eelpower.

“NESF has created a unique opportunity to become a key player in this space, whilst enhancing the existing portfolio of solar assets. Pending shareholder and FCA approval, NESF can further diversify and offer investors continued exciting growth prospects.”

Michael Bonte-Friedheim, CEO of NextEnergy Group said: “The new joint venture partnership builds on the successful relationship with the Eelpower team and enhances NESF’s position as a key player in the battery storage sector.

“The partnership also secures NESF an exclusive pipeline of over 500MW of battery storage opportunities which is incredibly exciting, and will further enhance the UK’s energy independence once energised and grid-connected.”

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