Macquarie’s Green Investment Group (GIG) and renewable energy developer Bluestone Energy announced today plans to develop up to 2 GW of UK battery storage projects, aimed at enabling more renewable energy capacity to connect to the UK’s electricity grid.
Energy storage solutions are emerging as a key energy transition investment area. Storage forms one of the major building blocks for the rapidly expanding clean energy transition, given the intermittent generating nature of many sources of renewable energy, such as wind and solar, and the need to satisfy round-the-clock energy demand, while ensuring that energy is not wasted.
Greg Callman, Global Head of GIG Energy Technology, said:
“GIG’s partnership with Bluestone Energy is an exciting step for us in the market, and we look forward to generating even more opportunities to accelerate the deployment of this critical technology.”
Under the new joint development agreement (JDA), the two companies will seek to develop up to 2 GW of storage projects, with projects representing 970 MW already in early-stage development and having secured grid connection offers.
“Bluestone’s considerable expertise and GIG’s global experience make for a strong partnership that can drive forward the UK’s storage industry. Energy storage clearly plays a critical role in the energy transition. This partnership leverages our mutual experience and expands Macquarie’s global portfolio in this important sector.”