Cambridge Power Limited has signed a deal with one of the world’s biggest operators of clean energy plant to develop power and battery energy storage projects across the UK.
The company has agreed with Brookfield Renewable exclusively to develop over 800MW of fully consented BESS assets and 185 MW of UK co-located solar between now and 2027.
Brookfield will inject significant, but unrevealed, amounts of capital to build out the assets. Cambridge Power will manage their construction and operation. The first earth will be broken this year, with commissioning due in 2023.
Cambridge Power was founded in 2018 by real-estate specialists Pigeon Investment Management, has a proven track record of developing grid-scale energy storage assets throughout the UK.
It claims to have over 2GW of UK battery energy storage and renewable generation projects in its pipeline. The first is anticipated to begin construction after April this year.
Citing its development pipeline of 62GW, Brookfield Renewable is a worldwide player with 21GW of installed capacity in clean generation ventures plus batteries spread across North and South America, Europe and Asia.
Richard Stanton, Chairman of Cambridge Power says: “This partnership represents a terrific opportunity for Cambridge Power to develop and operate one of the UK’s leading BESS and solar PV portfolios.”
Ignacio Gómez-Acebo López, Vice President of Brookfield Renewable, said: “As owners and operators of one of the largest clean energy businesses in the world, we are excited to collaborate with Cambridge Power and contribute to the UK’s transition to Net Zero. Our Framework Agreement offers the opportunity to invest in a significant pipeline of BESS and co-located solar opportunities with a leading developer.
The pair present their partnership as supporting the UK’s continued growth in renewables, as well as helping the National Grid in balancing its network during periods of peak demand.