SUSI Partners, a Swiss-based investment management firm, along with its joint venture partner SMT Energy, has signed a tax equity financing agreement for a 100 MW battery storage portfolio in Texas, US. SUSI secured the funding from Greenprint Capital on behalf of the SUSI Energy Transition Fund. The portfolio comprises ten utility-scale standalone battery energy storage projects.
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Octopus Renewables Infrastructure Trust, a renewables investment company and an investment arm of Octopus Renewables, has announced an investment of up to $2.5 million to build solar and battery storage projects in the UK. With the initial goal is of developing more than 350 MW of capacity, BLC Energy will utilise its knowledge of the electricity grid and plans to build co-located battery storage and ground-mounted solar projects.
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Ameresco, a Massachusetts-based renewable energy provider, received contracts from Avenue Capital’s Middle River Power (MRP) to design and construct four battery energy storage system (BESS) projects in California totaling 379 MWh. The four BESS projects will be co-located at gas power plants owned by MRP. The projects will get started in the summer of 2023, which are expected to be completed in the third quarter of 2024.
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Several developments have taken place recently as policymakers and industry acknowledge the potential role that energy storage is likely to play in future and the need to remove barriers to their deployment. Notably, on March 14, 2023, the EC adopted the ‘Recommendation on Energy Storage – Underpinning a decarbonised and secure EU energy system’, which contains 10 recommendations for European countries to help accelerate storage deployment.
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The Canadian independent electricity system operator (IESO) has selected renewable energy company Ameresco and its partner Atura Power to build a 250MW/1,000 megawatt-hour battery energy storage system (BESS) in Ontario province.
Ameresco and Atura Power, an Ontario Power Generation affiliate, will build the project as a joint venture (JV) under the name Napanee BESS. The BESS project will be built next to Atura Power’s Napanee generating station and Ontario Power Generation’s Lennox generating station in the town of Greater Napanee.
Eneco is planning to build a new 50 MW/200 MWh battery energy storage system (BESS) to be installed in Ville-sur-Haine in the Wallonia region of Belgium. Eneco will fully own the project. The company has secured the permit, placed orders for the battery and is conducting preparatory studies to begin operations by the end of 2024. The BESS will include 53 megapack energy storage units supplied by Tesla, which can store and supply power to the grid for four hours.
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Nexamp, a clean energy producer, has obtained more than $400 million in financing to assist in the development of 49 solar and battery storage projects across six US states. The financing includes tax equity and loan commitments from US Bancorp Impact Finance and Mitsubishi UFJ Finance Group, respectively
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Rolls-Royce Holdings and German renewables developer ABO Wind AG have completed a crossbreed solar and battery nuclear power facility in Bavaria, Germany, capable of producing 10,000 MWh per year. In addition to avoiding about 6,300 tonnes of carbon dioxide, the generation can meet the needs of about 3,000 three-person homes. The UK aerospace company’s Power Solutions division also announced that it had given ABO Wind’s newest solar farm in Bavaria a 2.9 MW/5.8 MWh mtu EnergyPack QG battery storage system.
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Masdar, a UAE-based energy company, has inked a joint development agreement with Uzbekistan’s Ministry of Energy and Ministry of Investments, Industry, and Trade to develop 2 GW of renewable energy and 500 MWh of solar, wind, and battery storage projects across the Central Asian country. With 7 GW of solar and 5 GW of wind capacity, Uzbekistan aims to achieve 25 per cent of its energy needs from renewables by 2030.
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RWE Renewables Europe & Australia, a subsidiary of German electric utility RWE, has won a competitive tender to build a 50 MW/400 MWh battery energy storage system in New South Wales, southeast Australia. In Balranald, New South Wales, the battery will be installed next to the 249 MW Limondale solar farm, which is owned by RWE. Limondale has 770 hectares and has been in operation since 2021. RWE expects to announce the project’s final investment decision by May 2024.
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ACWA Power, based in Saudi Arabia, has agreed to construct a 1 GW wind and battery storage project in Kazakhstan. The company inked a project deal with the Kazakhstan government and the country’s sovereign wealth fund, Samruk-Kazyna. By this agreement, ACWA Power enters Kazakhstan’s renewable energy market. The company has also pledged to make an initial $1.5 billion investment to promote national climate action, the integration of renewable energy sources, and sustainable growth.
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DIF Capital Partners and ib vogt, a German construction company, have agreed to purchase a 100 per cent share in a 720 MW solar and battery project portfolio in the UK. The portfolio will be purchased from Enso Green Holdings (EGHL), a Cero Generation and Enso Energy joint company with headquarters in the UK. It consists of seven project sites, with battery storage making up the remaining 340 MW of its 380 MW capacity.
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Tesvolt AG, a technology leader in commercial and industrial energy storage intends to build a new gigafactory at its headquarters in Lutherstadt Wittenberg, Germany. A highly automated production building for battery storage systems. Also, a new research and development centre is planned for construction. The carbon neutral facility will eventually have a production capacity of up to four gigatonnes per year. Construction will begin in the spring of 2023 and will be completed in 2024.
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Amberside Energy, a British engineering company, and the Flagship Funds of Copenhagen Infrastructure Partners (Cip) have joined forces to build 2 GW of solar and battery storage capacity in the UK. As per the agreement, Flagship Funds will provide the necessary funds for the development of these projects, subject to investment decisions.
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Fotowatio Renewable Ventures (FRV), a Spanish energy company, has reached financial close on two of its battery energy storage system (BESS) projects in the UK. The two projects, Clay Tye and Contego, will be built in Essex and West Sussex, respectively. Under the project finance modality, FRV secured a $75.1 million financing package from Natixis CIB UK, which will cover more than 60 per cent of the total cost of the projects.
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Longroad Energy, a US-based renewable developer, has reached financial close on Sun Streams III, a 285 MWdc photovoltaic (PV) and 215 MWac/860 MWh storage project. The Sun Streams III project, which is situated in Maricopa County, Arizona, is anticipated to start operating in 2024. The project’s debt financing was led by CIBC and Keybank, with participation from ANZ, Commerzbank, PNC, and Silicon Valley Bank.
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Hive Energy, a UK-based solar energy company, has announced plans to build 4 GW of solar and battery storage capacity in Turkey. With an estimated $4 billion in investment, the company plans to build the projects in 30 different cities across the country. It has requested permission to construct projects with co-located solar and battery storage that range in size from 11 MW to 230 MW.
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Intersect Power, a US-based renewable energy provider, has begun commercial operations at Athos III, a 224 MWac/310 MWp solar project in Riverside County, California. With its 448 MWh of co-located battery storage, Athos III can provide power for roughly 94,000 houses. The project generated 500 peak union employment during the construction phase.
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Shell Energy has acquired the development rights to a 500 MW battery energy storage system (BESS) project in Australia. Under the terms of the agreement, Shell will be granted the right to build, own, and operate the Wallerawang 9 Battery project (FID). The former Wallerawang Power Station site near Lithgow, New South Wales (NSW), will be used for the project’s construction.
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We believe that a key factor that is supporting the strong pipeline in NAWE and Asia is that several markets, such as the US, Australia and Mainland China are forecasted to see significant growth in their non-hydropower renewables capacity in the next decade and limited large scale baseload low carbon power generation options. We forecast that the US, Australia and Mainland China will have 35%, 26% and 31% of their total electricity generation from renewable sources in the year 2031 respectively.
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