UK-based energy company Cambridge Power has entered a framework agreement with Brookfield Renewable to develop a portfolio of battery energy storage system (BESS) sites, with more than 800MW of combined capacity, in the country.
The move is intended to increase the country’s renewable energy capacity and support its transition to net-zero emissions by 2050, as well as helping the National Grid balance renewable generation during peak power demand periods.
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Under the terms of the agreement, Cambridge Power and Brookfield Renewable will also develop 185MW of co-located solar capacity for investment over the next five years.
Brookfield has agreed to provide ‘significant’ financing for the construction of these assets, while Cambridge Power will be responsible for their construction and operation.
Construction works will begin this year, with these assets expected to be energised next year.
Brookfield Renewable vice-president Ignacio Gómez-Acebo López said: “As owners and operators of one of the largest clean energy businesses in the world, we are excited to collaborate with Cambridge Power and contribute to the UK’s transition to net-zero.
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By GlobalData“Our framework agreement offers the opportunity to invest in a significant pipeline of BESS and co-located solar opportunities with a leading developer.”
Established in 2018 by Pigeon Investment Management, Cambridge Power is involved in developing grid-scale energy storage assets across the UK.
Cambridge Power chairman Richard Stanton said: “This partnership represents a terrific opportunity for Cambridge Power to develop and operate one of the UK’s leading BESS and solar photovoltaic portfolios.”
Last month, Brookfield Renewable and its institutional partners acquired US-based clean power company Urban Grid and its US project pipeline.
Urban Grid’s pipeline includes 13GW worth of utility-scale solar power projects, as well as 7GW of energy storage capacity.
The deal is expected to increase Brookfield Renewable’s capacity in the US to around 31GW, almost three times its current level.
