Statkraft and RedT have formed a new partnership to power British businesses using solar panels and storage installed on their own premises at no upfront cost.
The assets will be owned by Statkraft and operated by RedT, with the electricity generated being sold to the hosts under 25-year power purchase agreements. Any remaining power they require from the grid will be supplied by Statkraft’s subsidiary Bryt Energy.
The companies aim to install 10MW of solar and 6MW of storage under the new model, which they described as the “first of its kind” in the UK. They hope to grow the size of the portfolio to 100MW and 60MW respectively within three years.
RedT will design the solar and storage systems based on the individual energy needs of each customer. The storage will be provided by the company’s vanadium redox flow machines, which it says have longer lives than lithium-ion batteries and do not degrade with heavy usage.
“Together we are breaking new ground in the energy industry with this unique, fully-financed decentralised energy solution designed specifically for the UK commercial and industrial sector to reduce energy costs,” said RedT chief executive Scott McGregor.
“With this roll out of low-cost solar coupled with heavy-cycling, non-degrading flow machine technology, we are accelerating the deployment of energy storage 2.0, providing low-risk infrastructure returns to commercial energy users, and creating an effective, low-risk hedge against rising energy prices for the next 25 years.”