The RPC-Eelpower joint venture batteries will participate in wholesale electricity markets and provide ancillary services to National Grid. Battery storage projects are unsubsidised, underscoring the JV partners’ approach to investing in projects without government subsidy as a long-term project owner. It is the first investment by RPC in the UK and follows their recent acquisition of a 528 MW onshore wind portfolio in Sweden.
The agreement with RPC is Eelpower’s third joint venture in the GB storage market within two years. In January 2021, it entered a JV with SUSI Partners and in September 2021 it announced a JV with Next Energy Solar Fund, which was expanded in September 2022 and recently acquired the development rights for a 250 MW storage portfolio in the east of England.
Great Britain represents the largest utility scale battery storage market in Europe, with 1.7 GW installed by the end of 2021. Forecasts predict growth to 10 GW by 2030.
