13 DECEMBER – LONDON
Renewable Power Capital (RPC) and Elmya Energy have entered into a joint venture (JV) to develop 4GW of BESS and co-located solar PV assets in the UK.
As part of the deal, Elmya Energy has contributed an existing pipeline of over 2.5GW to the JV. This includes ~1.5GW of transmission-connected projects and ~200MW of distribution-connected projects at a late stage of development, plus 800MW of earlier stage projects. The first projects are expected to reach ready-to-build stage in 2025/6.
The partners are targeting a development pipeline of 4GW in total, made up of large-scale transmission and distribution assets spread across England and Scotland.
This JV cements RPC’s position as a key player in the UK battery storage sector, which is currently the most flexible short-duration storage technology available, and which is vital to fulfilling the UK’s aim of a decarbonised electricity system by 2035. The announcement comes at a particularly exciting time for the sector, with the UK’s new storage strategy soon to be released.
The UK represents the largest utility-scale battery storage market in Europe, with an estimated installed capacity of at least 10GW by 2026. Through this JV, RPC increases its UK storage pipeline to 4.5GW and adds co-located PV optionality to its portfolio.
Elmya Energy is a Spanish-based EPC and development player with a proven track record of +3.5GW of solar PV developed across Europe and South America, and has successfully delivered EPC and O&M services on +3GW of projects worldwide. Elmya Energy’s UK team has extensive technical expertise in the development, design, and engineering of BESS and co-located solar PV projects.
This deal follows RPC’s announcement earlier this year of a 500MW storage development agreement with Greenfield, also in the UK.
Legal advisers to RPC and Elmya Energy on this transaction were Eversheds Sutherland and Foot Anstey, respectively. RPC was also supported by Wood for technical due diligence and Third Revolution for planning due diligence services.
Kevin Devlin, CEO of RPC, commented: “We are delighted to be significantly growing our UK battery storage pipeline, as well as diversifying into co-located solar PV. This partnership is critical to RPC’s growing portfolio of renewables, which supports a flexible, decarbonised, and resilient grid. The UK is a leader in the battery storage sector and we at RPC are excited to be working with the very experienced team at Elmya Energy to contribute to the acceleration of this growth.”
Jose María Piñar, CEO of Elmya commented: “We are thrilled to embark on this transformative joint venture with Renewable Power Capital, a like-minded ally. This collaboration marks a significant milestone in our commitment to advancing renewable energy across Europe and particularly in the UK. We look forward to working closely with RPC and contributing our expertise to this partnership, advancing our shared goal of a decarbonized electricity system in the UK by 2035.”
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
Elmya is a Spanish-based company specialized in renewable energy with a rich history and a dynamic presence in the global energy sector. Founded in 1966 as a high-voltage contractor, Elmya evolved into a renewable energy expert, with a focus on designing, developing, building, and operating solar photovoltaic (PV), storage projects and green hydrogen. Over the past 15 years, the company has connected more than 3 GW to the grid worldwide, furthermore, the company is currently developing over 4 GW of renewable projects across Europe, showcasing its significant experience and expertise in the field. Elmya employs over 400 skilled professionals, positioned at the forefront of the renewable energy industry. They are dedicated to driving progress in the sector, skilfully managing risks, adeptly seizing opportunities, and providing prompt, dependable solutions in the ever-evolving landscape of renewable energy.
For more information, please visit www.elmya.com