Renewable Power Capital (RPC) and Greenfield have recently announced their collaboration to establish a significant battery storage capacity in the United Kingdom, amounting to at least 500 megawatts (MW). This strategic agreement involves RPC acquiring two initial projects from Greenfield, which are projected to have a combined capacity of 83MW. The development of these projects is expected to receive full permits by the second quarter of 2024.
This partnership serves to strengthen RPC's dedication to the rapidly expanding battery storage sector in Great Britain, which is a focal point for the company's strategic objectives. RPC aims to possess and operate storage assets in the long term, and the alliance with Greenfield is instrumental in augmenting RPC's growing portfolio of renewable energy ventures.
This recent deal builds upon RPC's previous endeavors earlier this year, which encompassed a 1-gigawatt (GW) onshore wind joint venture in Poland and a 1GW development partnership for solar photovoltaic (PV) projects in Spain. In March, RPC celebrated its transition from a renewables investor to an operator by assuming the operation of three onshore wind farms in Finland.
The transaction was advised by CMS and Fichtner, providing their expertise in facilitating the partnership between RPC and Greenfield. The Chief Executive Officer of RPC, Kevin Devlin, expressed his enthusiasm about the collaboration, stating that lithium-ion battery storage is currently the most flexible short-duration technology available and will play a pivotal role in balancing the energy system. Devlin also emphasized that the UK is already at the forefront of this sector, and partnering with Greenfield will further accelerate and enhance its growth.
David Ring, the Managing Director of Greenfield, shared his delight about the partnership, highlighting the shared commitment between the two companies in addressing climate change and recognizing the significance of battery storage in establishing a sustainable long-term solution for the UK and beyond. By uniting their efforts, Greenfield solidifies its position as a market leader in investing in and developing battery storage projects across the UK.
The collaboration between RPC and Greenfield exemplifies the continued drive towards renewable energy solutions and the advancement of battery storage technology. With the UK already leading the way in this sector, this partnership is poised to contribute significantly to the growth and optimization of the country's energy infrastructure, while also serving as a model for sustainable energy development worldwide.
