30 MAY – LONDON
Renewable Power Capital (RPC) and Greenfield have closed an agreement to develop at least 500MW of battery storage capacity in the UK.
As part of the deal, RPC has acquired two initial projects from Greenfield with an expected combined capacity of 83MW. These projects are forecast to be fully permitted by the second quarter of 2024.
The agreement with Greenfield reinforces RPC’s commitment to the fast-growing GB battery storage sector – a strategic priority for RPC.
RPC has entered the market to enable the energy transition in a post-subsidy environment. With a view to owning and operating the storage assets over the long term, this partnership is critical to RPC’s growing portfolio of renewables, which supports a flexible, decarbonised, and resilient grid.
With 1.7 GW installed by the end of 2021, the UK represents the largest utility-scale battery storage market in Europe. This is forecast to increase to 10GW by 2030.
This deal follows RPC’s announcements earlier this year of a 1GW onshore wind JV in Poland and a 1GW development partnership for solar PV in Spain. In March, RPC celebrated its shift from renewables investor to operator, taking over the operation of three onshore wind farms in Finland.
Advisers to RPC on this transaction were CMS and Fichtner.
Kevin Devlin, CEO of RPC, commented: “Lithium-ion battery storage is currently the most flexible short duration storage technology available and will play a crucial role in balancing our energy system. The UK is already a leader in this sector, and we are excited to partner with Greenfield in order to accelerate and amplify this growth.”
David Ring, Managing Director of Greenfield, commented: “We’re delighted to have a partner in RPC who not only shares the same collective goal and endeavour to tackling climate change, but who also aligns with the importance battery storage will play in building a long-term sustainable solution for the UK and beyond. By bringing this exciting partnership together, we solidify our position as a market leader in the investment and development of battery storage across the UK.”
Notes to editors
Press office contact: Katie Davies: firstname.lastname@example.org
Renewable Power Capital
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. RPC’s flexible mandate allows it to structure investments which recognise the changing market dynamics in Europe and create innovative solutions to build relationships designed for decades rather than months.
RPC is led by a seasoned and established team of energy investment professionals with deep renewable power, technical, and operational expertise, and a strong common purpose. RPC aims to pioneer the European renewables sector, accelerating the already-rapid growth and playing a key role in making the energy transition a reality.
For more information, please visit www.renewablepowercapital.com
Greenfield is a London-based developer of renewable energy infrastructure assets with a current development pipeline of over 1.5GW. It has over 30 years’ experience in the design and development of key energy-led technologies such as solar, battery storage, EV, and hydrogen. Greenfield’s specialist team identifies, designs, develops, and manages large-scale projects across the UK through strategic investor partnerships.
For more information, please visit www.greenfieldco.co.uk