The Renewables Infrastructure Group (TRIG), an investment company, has acquired a 100% equity interest in Project Spennymoor, a 100 MW/200 MWh under development battery storage project in the UK, from a renewable energy project developer and operator, RES.
The project is currently in the late-stage development and is located in Country Durham in the Northeast of England near a high-voltage substation connection.
The project is expected to help alleviate grid constraints and provide balancing services for the significant industrial cluster in the Humber region, one of six major industrial clusters in the UK.
RES has secured the planning permission and land lease options for the project.
Once operational, Spennymoor is expected to represent 2% of TRIG’s portfolio by value. The initial development investment is approximately 10% of the total anticipated investment.
“Energy storage has a critical role to play in the infrastructure of the UK by increasing the volume of renewables on our grid. This allows consumers to benefit from the lowest-cost form of energy,” said RES, Lucy Whitford, UK&I Managing Director.
TRIG has invested in a portfolio of wind, solar, and battery storage projects across six European countries with an aggregate generating capacity of over 2.4GW.
“TRIG’s investment in Project Spennymoor deepens our position in the flexible capacity sector, which is going to become increasingly important as renewables penetration increases. Investments in battery storage projects such as these not only complement the renewable generation assets in the portfolio but also leverage the strong expertise of InfraRed and RES,” said Richard Crawford, Head of Energy Income Funds, InfraRed Capital Partners.
TRIG was advised by InfraRed Capital Partners as its investment manager and RES as its operations manager.
According to Mercom’s 9M And Q3 2022 Funding and M&A Report for Storage, Grid & Efficiency. In the first nine months of 2022, there were 30 Energy Storage project acquisitions compared to 31 in 9M 2021.
Last Month, GridStor, a developer and operator of grid-scale battery energy storage systems, announced the acquisition of a portfolio of storage projects representing over 500 MW/2,000 MWh of capacity.