October 17 (Renewables Now) – UK firm Balance Power last week announced a partnership with clean energy investor TagEnergy to build, own and operate 500 MW of energy storage projects, part of Balance Power’s pipeline, in the UK.
Under a framework agreement signed by the parties, TagEnergy will become the majority owner of the projects, which will need an investment of more than GBP 300 million (USD 339m/EUR 348m) to be built over the next four years.
The tie-up will add 500 MW at different stages of development to TagEnergy’s current battery portfolio in the UK, which features over 300 MW of ready-to-build or under construction projects.
“This agreement is increasing significantly TagEnergy’s pipeline and strengthens our goal to connect more sustainable, competitive and clean power to the national grid and accelerate the energy transition,” said TagEnergy chief executive Franck Woitiez.
Balance Power, which is focused on solar, battery storage and peaking technologies, said the agreement will deliver its first operating energy storage projects.
(GBP 1 = USD 1.129/EUR 1.159)
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