Swiss Life Asset Managers has expanded into a new area within the renewable energy sector by becoming an investor in a 68MWh electrical battery project in Germany.
Swiss Life Asset Managers, investing on behalf of two of its funds said it has acquired a 50% interest in BCP Battery Holding alongside Zurich-based asset manager B Capital Partners.
The electrical battery project in Eisenach, Thuringia is currently under construction and is part of a larger pipeline from Smart Power that will be implemented over the course of the next 12 months.
The completed platform, which Swiss Life Asset Managers will jointly control, will be the largest of its kind in Germany.
BCP Battery Holding, through its relationship with several German battery developers, has exclusivity rights to further build up the portfolio to approximately 420MWh of capacity, either through acquisitions or construction in the near future.
“We are very pleased to be entering this exciting sector and to support its growth, said Marc Schürch, the head of renewable energy at Swiss Life Asset Managers.
“Demand for storage will increase to balance the higher proportion of variable, renewable generation in the electricity system. Batteries will increasingly be chosen to manage this dynamic supply and demand mix.”
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