The UK government’s national infrastructure bank is seeking a manager for a proposed energy storage investment fund.
The UK Infrastructure Bank (UKIB) has launched an expression of interest process, seeking partnership proposals from managers to enable the bank to provide finance to help “accelerate the deployment of storage technologies” while it grows its own abilities to invest.
UKIB said it expects to cornerstone the investment by providing between £50m to £150m (€59m to €177m) of matching capital, “with the aim of building confidence of a wider pool of private investors in the storage sector”.
The prospective fund manager will be required to raise private sector finance, which will make up the majority of the total capital committed to the fund which is expected to make equity investments in electricity storage assets.
The model for the proposed fund – which involves private sector finance alongside the bank’s backing – closely mirrors the previous UKIB-backed Charging Infrastructure Investment Fund and the Digital Infrastructure Investment Fund vehicles.
UKIB is inviting prospective fund managers to come forward with their proposals by 29 August.
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