NatPower has unveiled plans to invest £10 billion in clean energy projects in the UK, including a 15GW/60GWh portfolio of battery storage that it claims would be the largest in the country.
Given mounting wait times for grid connections, the developer has earmarked £600 million for the construction of new substations in partnership with network operators.
NatPower said its planned battery portfolio will provide 15-20% of the energy storage needed in the UK by 2040. This will be complemented by a series of large-scale wind and solar projects that will be announced later this year.
The company said it intends to apply for planning permission for three “GigaParks” this year and another ten in 2025 in the initial phase of the nationwide rollout.
NatPower Group, which is headquartered in Luxembourg, was already developing a 30GW pipeline of clean energy projects across five continents. The group established its UK arm in 2022.
The firm said its £10 billion commitment is “huge statement of confidence” in the UK’s energy sector “against a background of falling investment and government confusion.”
Stefano Sommadossi, chief executive of NatPower UK, said: “The UK is unrivalled in its resources, skills, policy and potential, and ambitious leaders, government, investors, lenders, and developers, will get us where we need to go.
“The energy transition is not only the fastest way of providing cheaper, cleaner and more secure sources of power, but it is also a staggering opportunity for economic growth.
He added: “The UK has the unique chance to transform itself into an energy transition powerhouse, generating tens of thousands of highly qualified jobs, with the City of London becoming a central player in managing the $5 trillion of investment needed every year until 2030 globally, to make the energy transition a reality.”
Earlier this week, the Electricity System Operator at National Grid revealed that the queue for grid connections is on course to reach 800GW by the end of 2024, having grown by 49GW in January alone.
With network operators “unable to cope with the sheer scale and speed of the energy transition,” NatPower said it will work with them to build a fifth of the substations needed to accommodate its proposed projects.
“To solve the bottlenecks that are slowing the shift to clean energy, we will drive investment into the grid itself, collaborating with grid operators to deliver more than 20% of the new substations required,” said Sommadossi.
“By investing in substations and focusing on energy storage first, we will enable the next phase of the energy transition and bring down the cost of energy for consumers.”