Amberside Energy and Copenhagen Infrastructure Partners (CIP), on behalf of its Flagship Funds, announced a partnership to develop 2 GW of solar and battery storage projects in the UK.
CIP is the world's largest dedicated fund manager within greenfield renewable energy investments and has raised approximately €19 billion for investments in energy and associated infrastructure.
Under the partnership, CIP's Flagship Funds will provide the capital for project development with an ambition to create a portfolio of scale across different development stages. Subject to investment decisions at the time, CIP intends to provide the capital required to construct the projects in this portfolio.
These projects are aligned with the UK's energy transition to "net-zero" greenhouse gas emissions by 2050. They will also significantly contribute towards increasing energy independence in the UK, providing predictable and affordable clean power and decarbonizing energy production.
"UK solar and battery storage have become increasingly competitive in recent years and are now some of the most cost-efficient technologies, contributing to enhancing grid flexibility, resilience and increasing the overall security of supply," commented Radu Gruescu, Partner at CIP.
The partnership also places great emphasis on local community engagement and maintaining industry-leading ESG standards.
"We look forward to working closely with AE's highly experienced team to deliver projects that in addition to clean power at competitive prices also generate investment, jobs, and socioeconomic benefits," added Gruescu.
Amberside Energy will lead origination and development activities for the solar and battery storage projects. Its proprietary grid model combined with experience in auditing and asset managing is expected to help maximize development efficiency.
CIP will contribute its expertise in procurement, structuring and financing renewable energy projects.
"We expect our first projects to be ready to begin construction in the next two years and to deliver significant benefits to the communities who host them as well as generating sustainable green power for many years ahead," said Marc Scambler, Co-Founder and CEO of Amberside Energy.