Macquarie‘s Green Investment Group (GIG) has signed a joint development agreement with UK-based renewable energy developer Bluestone Energy to develop up to 2GW worth of battery storage projects in the UK.

Of the capacity to be developed, 970MW is currently in the initial development phase and has already secured grid connection offers.

GIG Energy Technology Global head Greg Callman said: “GIG’s partnership with Bluestone Energy is an exciting step for us in the market, and we look forward to generating even more opportunities to accelerate the deployment of this critical technology.

“Bluestone’s considerable expertise and GIG’s global experience make for a strong partnership that can drive forward the UK’s storage industry.

“Energy storage clearly plays a critical role in the energy transition. This partnership leverages our mutual experience and expands Macquarie’s global portfolio in this important sector.”

It is estimated that the intermittent wind and solar capacity will need to increase to nearly 60% by 2030 in order to achieve the UK’s 2050 net-zero emissions target.

The proposed development pipeline will make use of GIG’s in-house expertise and aim to expand the company’s battery storage portfolio.

GIG and Bluestone’s partnership is expected to play a key role in adding more clean energy capacity to the UK’s electricity grid.

Bluestone develops utility-scale solar, wind and battery storage projects with a focus on decarbonisation and sustainability.

Last June, GIG acquired a development-stage utility-scale battery storage portfolio with 187MWh of capacity in the UK.

The portfolio consists of seven projects located in Scotland and South East England and was acquired from British energy company Capbal.

GIG and Capbal have agreed to develop the initial portfolio while sourcing additional development opportunities.

In December last year, GIG announced plans to develop Australia’s largest privately-funded and fully committed battery storage project in partnership with Engie and Fluence.