Funding, Battery Storage, Solid-State, Toyota

Bluefield Solar, an income fund focused on acquiring and managing renewable energy and storage assets predominantly in the UK, acquired two 40 MW battery storage projects from Green Hedge Energy for £4.5 million (~$5.6 million).

The projects are located in the regions Derbyshire and Worcestershire. The acquisition signifies the projects’ development rights, grid connection costs, and land leasehold for the projects.

Both projects have fully consented and benefited from near-term grid connections, and the construction of the projects is expected to commence in 2022.

“Energy storage has a key role in supporting the decarbonization of the electricity system in Great Britain. Once operational, the assets will be able to participate in a variety of valuable services to support the grid and enable the Company to diversify its revenue streams further. The Board and our Investment Adviser continue to carefully assess a strong pipeline of opportunities across primary and secondary markets,” said John Rennocks, Chairman of Bluefield Solar.

In February 2022, Bluefield Solar announced the acquisition of the development rights for a 20 MW battery storage project. The acquisition represents the development rights, grid connection costs, and the leasehold of the land of a ready-to-build 20 MW battery storage project for approximately £1.5 million (~$2 million) from Shaw-Energi. The project is based in Liverpool, and construction is expected to begin in 2022.

In March 2022, the Public Service Commission of Wisconsin unanimously approved We Energies’ purchase of the Paris Solar-Battery project. We Energies, Wisconsin Public Service, and Madison Gas and Electric are acquiring the 200 MW solar project that will produce enough power for about 60,000 homes and 110 MW of battery storage. The project is located on about 1,500 acres in the Town of Paris in Kenosha County and comprises about 750,000 solar panels.

According to Mercom’s Q1 2022 Funding and M&A Report for Storage, Grid & Efficiency, there were five M&A transactions involving Battery Storage companies in Q1 2022. In Q4 2021, there were nine M&A transactions. Year-over-year, there were four Battery Storage M&A transactions in Q1 2021.