Low Carbon, a renewable energy project developer, sold 6 GW of energy storage projects in the Netherlands. LC Energy, a joint venture between Low Carbon and QING, developed those storage assets.
The projects were acquired by S4 Energy, a Dutch-based grid-scale energy storage developer and operator, majority-owned by Castleton Commodities International (CCI). KPMG Deals acted as the exclusive M&A advisor to LC Energy on the sale of the portfolio.
According to Low Carbon, the sale is one of the largest-ever investments in battery storage capacity in the renewables sector globally and supports the Netherlands’ 2030 climate goals.
“The Netherlands is now positioned to prove that we can seize the opportunities of the decarbonization mission with highly attractive, investible green energy infrastructure. I cannot emphasize the scale of this portfolio enough – at 6 GW, it is among the very largest ever brought to market globally,” said Low Carbon’s Founder and Chief Executive, Roy Bedlow.
Headquartered in the U.K., Low Carbon operates in nine countries in total, including Ireland, where it provides 20% of the country’s operational storage capacity. The company says it aims to deliver 20 GW of renewable energy, enough to power 7 million homes.
According to Mercom’s 9M and Q3 2024 Funding and M&A Report for Energy Storage and Smart Grid, in 9M 2024, there were 22 energy storage project M&A transactions (one disclosed) compared to 22 transactions (four disclosed) in 9M 2023.
In August, OX2, a solar and energy storage project developer, signed an agreement to sell the ready-to-build 50 MW/110 MWh Uusnivala battery energy storage project to the L&G NTR Clean Power Fund, which will manage the project’s construction.
