Macquarie’s Green Investment Group has reached financial close on its first UK battery energy storage system (BESS).
The 40MW / 40MWh BESS is located in Maldon, Essex, and forms part of a 187MWh portfolio of seven projects acquired by GIG in June.
GIG has carried out late-stage development activities and has run a wide procurement process to deliver a competitive contractual structure for the Maldon project. EDF is to provide the route to market under a long-term contract, providing GIG assets with access to a variety of revenue streams including ancillary services such as Dynamic Containment, the Balancing Mechanism and wholesale optimisation.
Trina Storage and G2 Energy will provide the EPC and O&M and Wood will provide construction and asset management.
“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," Edward Northam, head of GIG UK and Europe, said.
In 2020, GIG and Enso Energy signed a joint venture with an aim of developing 1GW of subsidy-free solar and storage capacity across England and Wales. The first two of these sites, the 49.9MW Larks Green Solar Farm and 40MW Walpole Bank Solar Farm, were approved in January 2021.