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Solar power renewable energy investment company NextEnergy Solar Fund said formed a £100 million joint venture partnership with Eelpower, a battery storage specialist.
The joint venture is targeting the establishment of up to 250MW in projects with £100m in invested capital and has already signed its first acquisition of a 50MW standalone battery storage project.
The move marked the company's first strategic step into the energy storage sector in the United Kingdom.
'The JVP, owned 70% by NESF and 30% by Eelpower, is of strategic importance to NESF as it includes a framework for the acquisition of up to 250MW (including this initial 50MW project) of battery storage assets,' the company said.