Macquarie’s Green Investment Group (GIG) has reached financial close on its first battery storage project in the UK.
The 40MW/40MWh project at Maldon in Essex is part of a 187MWh portfolio of seven battery storage projects acquired from Capbal in June.
GIG has awarded contracts to Trina Storage and G2 Energy for engineering, procurement and construction and operations and maintenance and Wood for construction and asset management. EDF will provide trading services, with revenues streams including the Dynamic Containment frequency response service, the Balancing Mechanism and wholesale arbitrage.
Greg Callman, global head of energy technology at GIG, said: “We strongly believe in the critical role of battery storage to unlock the global energy transition, enabling expanding renewables capacity and more resilient energy networks.”
Edward Northam, head of GIG UK and Europe, said: “Reaching financial close on this project is an exciting first step for GIG in this market and we look forward to further developing the portfolio and creating even more opportunities to accelerate the delivery of this vital technology.”