Equitix, Aware Super and the National Wealth Fund-backed battery storage platform Eelpower Energy completed its fourth asset acquisition with the purchase of a 50MW/100MWh project from RES.
Eelpower Energy has invested an unspecified sum to acquire the Stoneworthy battery energy storage system (BESS) project in Devon.
Located south of the Pyworthy substation, the Stoneworthy BESS project is set to begin construction in 2027 and begin commercial operation in 2028.
Lucy Whitford, RES’ managing director, UK&I, said: “We are pleased to have completed the sale of the Stoneworthy BESS project to Eelpower, marking our first transaction together. Stoneworthy BESS will play an important role by helping to deliver a reliable, resilient electricity system for the future.”
Mark Simon, CEO of Eelpower Energy said: “Stoneworthy is an important acquisition for Eelpower Energy and a strong addition to our growing battery storage portfolio.
“It demonstrates our ability to originate and execute attractive opportunities with high-quality counterparties such as RES, while underlining the commitment of Equitix, Aware Super and the National Wealth Fund to investing in the infrastructure needed for a cleaner, more flexible and more resilient electricity system in Great Britain.”
In August last year, infrastructure investor Equitix teamed up with Aware Super and the UK’s National Wealth Fund to invest £500m (€577.2m) in Eelpower Energy. Under the Equitix-led consortium, the National Wealth Fund is providing up to £200m to build, own and operate the assets, with Aware Super contributing a significant portion of the remaining £300m.
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