Low Carbon, a UK investment company, sells 6 GW of Dutch battery storage.
Low Carbon, a UK-based renewables energy investor, has announced that it sold a portfolio of 6 gigawatts of battery storage project in the Netherlands to S4 Energy. S4 Energy is owned by global commodities trader Castleton Commodities International.
According to Low Carbon, the battery storage portfolio in the Netherlands is among the largest in development. It should help balance the supply and demand of energy on the grid, as the Netherlands aims to reach 39% renewables by 2030.
The battery storage project was developed by LC Energy - a joint venture of Low Carbon and Dutch engineering company QING - and sold to Dutch energy storage operator and developer S4 Energy. CCI acquired a majority stake last year.
Low Carbon aims at delivering 20 GW of energy with low carbon emissions globally. Around 16 GW are currently being developed.
Roy Bedlow, Low Carbon's Chief executive officer, said: "Some assets will we hold on to as an independent energy producer. Some assets we choose to recycle capital so that we can deliver additional investment in clean power."
Low Carbon stated that the battery storage portfolio includes early-stage, mid-stage and advanced-stage development. Low Carbon refused to disclose financial details about the deal.
The power company VPI, which is backed by Vitol, the largest energy trader in the world, announced last month that it will invest 450 millions euros (486.90 dollars) in Germany over the next 3 to 5 years into 10 battery storage projects with a capacity of 500 Megawatts.
Battery storage is important to advance global decarbonisation and provide grid stability, as the demand for electricity increases and as more energy is generated by renewable sources.
The Netherlands has fallen behind in achieving its climate goals, and it needs to invest more in its grid infrastructure for renewables growth.
After a failed sale to the German Government, TenneT is now looking into options for a partial or private sale in order to fund a 160 billion Euro investment plan for grid infrastructure.
Bedlow continued, "Low Carbon was one of the pioneers of the Dutch renewables industry and delivery of one the largest utility-scale storage battery portfolios on the market to CCI is going to be a key enabler for the Dutch Grid once it's built."
(source: Reuters)
