Renewables developer NatPower UK has pledged to drive £10bn ($12.85bn) of investment into the UK’s green energy sector in a surprise vote of confidence for the under-pressure industry.
The UK-based start-up, part of larger European energy group NatPower Group, said on Tuesday it will license three ‘gigaparks’ – huge battery storage projects – by next year, with ten more to come by 2025. The company said that, by 2040, it will develop more than 60 gigawatt-hours of energy storage, making up 15–20% of the UK’s total capacity.
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NatPower added that more than £600m has been allocated to the development of substations to help speed up the connection of renewable power to the country’s grid and meet its target of 100% zero emissions electricity by 2035.
NatPower UK CEO Stefano D.M. Sommadossi said: “To resolve the constraints that are slowing down investments in renewable energy, we will make investments in the energy distribution network, upgrading the substations for at least 15–20% of new requirements. By investing in substations early on and focusing on energy storage systems, we will facilitate the next phase of the clean energy transition, thereby reducing the cost of energy for consumers.”
A lack of available grid capacity for new renewables projects has been a key barrier to ramping up clean energy in the UK. In August last year, a report written by Electricity Networks Commissioner Nick Winser found “every part” of the country’s grid upgrade process “must – and can – be dramatically improved”.
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Currently, renewable energy sources including wind farms and solar arrays can be stuck waiting to be linked to the UK’s electricity grid for up to 15 years, undermining investment in clean energy projects and hindering the transition to net zero.
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By GlobalDataNatPower Group CEO Fabrizio Zago said the announcement will give “new impetus to the promotion of an energy system fully focused on renewables and will accelerate the country’s path towards achieving [net-zero emissions]… We are ready to collaborate with institutions and players in the sector to make the energy production system increasingly efficient.”
