Conrad Energy, a portfolio company of I Squared Capital and an independent power producer focused on flexible power generation, battery storage and energy management services for network and commercial customers, has agreed to acquire Viridis Power, more than doubling its share of flexible generation for the UK power market. This brings its operational portfolio to over 440MW at 28 sites across the UK and equivalent to the average hourly electricity needs of one million homes.
Alongside Conrad Energy’s generation capacity, the company is deploying battery technology that can store up to four hours of electricity to supply power during peak demand periods, mitigate grid constraints, and moderate excessive price volatility for consumers. The company is looking at building a total storage portfolio of 200MW.
Gautam Bhandari, managing partner at I Squared Capital, said, “Localised, flexible generation will be vital to bridge the gap as the country integrates more renewables into its energy mix. Renewables are here to stay, and we need a cost-effective solution that will smooth the transition. This investment will help ensure the future security and stability of the UK’s national energy supply as the country pursues its net zero ambitions.”