Renewable Power Capital (RPC) and Elmya Energy have formed a joint venture (JV) to develop 4 GW of BESS and co-located solar PV assets in the UK. As part of the deal, Elmya Energy has contributed an existing pipeline of over 2.5 GW to the JV. This includes 1.5 GW of transmission-connected projects and 200 MW of distribution-connected projects at a late stage of development, plus 800 MW of earlier stage projects.
The first projects are expected to reach the ready-to-build stage in 2025- 2026. The partners are targeting a development pipeline of 4 GW in total, made up of large-scale transmission and distribution assets spread across England and Scotland. Legal advisers to RPC and Elmya Energy on this transaction were Eversheds Sutherland and Foot Anstey, respectively. RPC was also supported by Wood for technical due diligence and Third Revolution for planning due diligence services.
RPC is a London-headquartered pan-European renewables company established in 2020, with the backing of CPP Investments. RPC invests in the development, construction, and long-term ownership of onshore wind and solar projects, enabling the energy transition and driving stable long-term, risk-adjusted returns.
REGlobal’s Views: This partnership helps RPC to increase its storage pipeline to 4.5 GW in the UK. RPC had also announced an agreement with Greenfield for 500 MW of storage capacity in the UK. The country is one of the leading storage markets across Europe with massive capacity additions likely in the storage space.
