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.
The acquisition further strengthens the power generation, trading and operational capabilities of Conrad Energy, which specialises in energy solutions that provide critical grid support. Conrad is already providing commercial customers with solutions for their energy needs, including flexible generators, storage and solar. This support will be critical as the UK integrates more renewable sources into its energy mix and to mitigate the fluctuations in electricity consumption patterns from Covid-19.
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.”