Global clean energy enterprise TagEnergy has increased its UK presence with the acquisition of a 100% stake in the Lakeside 99.9 MW battery storage facility in North Yorkshire from independent renewable energy company RES.
The Lakeside project is TagEnergy’s fifth investment in the UK this year, as it deploys its significant battery storage expertise to add flexibility and stability to the national grid to support the transition to a clean energy future.
The 99.9 MW project located in Drax, North Yorkshire, England will represent an investment by TagEnergy of close to £65 million. Construction will commence in 4Q22, with energisation in October 2023.
The strategic location on the transmission network will enable an efficient connection to the national grid with reduced grid charges.
TagEnergy entered the rapidly expanding UK renewables market in 2021, with commencement of construction by TagEnergy and Tesla of the Hawkers Hill Energy Park battery storage facility in Dorset, England, in September. In October, TagEnergy acquired the Roaring Hill Energy Storage Project in Fife, Scotland from Renewable Energy Systems (RES). Last month it acquired a 60% stake in two 50 MW battery storage projects, one near Luton, England and one near Abernethy Scotland, in a joint venture with Harmony Energy.
The five battery storage facility projects announced to date take TagEnergy’s secured portfolio in the UK to 270 MW / 540 MWh.
Franck Woitiez, Chief Executive Officer, TagEnergy said: “The Lakeside acquisition reaffirms TagEnergy’s unwavering commitment to leveraging our significant storage expertise to increase the UK’s energy storage capabilities. It joins our growing portfolio of UK projects that will connect more sustainable, competitive, and clean power to the national grid to accelerate the energy transition.
“This is our second project acquisition from RES, who are highly regarded as world leaders in the development and management of energy storage systems. We look forward to continuing to work closely with them to deliver this facility and to use our combined expertise to drive the flow of clean energy from renewable sources,” Mr Woitiez said.
Lucy Whitford, Managing Director UK and Ireland at RES, said: “As the world’s largest independent renewable energy company we have got over 40 years’ experience in developing, constructing, and operating renewable energy projects around the globe. Lakeside battery storage facility will play a vital role in our rapid transition to renewables by helping to balance our grid and increase access to low cost, green electricity.
RES has a portfolio of over 700 MW of energy storage projects in development and construction in the UK and Ireland and alongside partners like TagEnergy we are continuing to realise the significant economic and environmental benefits of these projects for businesses and consumers.”