London-listed VH Global Sustainable Energy Opportunities has invested £78m (€91.6m) in UK flexible power projects.
The investment company advised by Victory Hill Capital Advisors said its investment will fund the construction of two combined heat and power plants with a carbon capture and re-use system to provide a clean, net-zero, flexible and dependable electricity solution.
Victory Hill will be partnering with Landmark Power Holdings, a developer and operator of gas-fired power plants.
The first plant will begin construction in the first quarter of the year in Nottinghamshire, with a second plant in County Durham expected to begin construction by the second quarter of 2022. The combined capacity will be 45MW.
Once operational, the plants will be contracted under long term power purchase agreements.
Richard Lum, co-CIO of Victory Hill Capital Advisors, said: “VH Global’s aim is to ensure the UK electricity grid can meet growing demand and keep the lights on without resorting to excessive levels of harmful fossil fuels, as it becomes increasingly reliant on renewable power.
“These projects will provide a highly efficient, flexible source of power that can be called upon when needed, and at short notice, to plug any shortfall in power generation from wind or solar.”
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