Green Investment Group and Bluestone Energy partner to develop UK battery storage projects

14 June 2022

  • Green Investment Group and Bluestone Energy have entered into a joint development agreement to develop up to 2 GW of UK battery storage projects
  • The partnership will play an important role in enabling more renewable energy capacity to connect to the UK’s electricity grid

Green Investment Group (GIG) and Bluestone Energy (Bluestone) have entered into a joint development agreement (JDA) to develop up to 2 GW of UK battery storage projects.

To meet the UK’s 2050 net zero target, it is estimated the proportion of intermittent wind and solar capacity in our generation mix will need to increase to almost 60% by 20301. Battery storage provides grid operators with the tools and flexibility to deal with this increased variability of supply and finely match it to demand.

This partnership will seek to develop up to 2 GW of storage projects.  Projects representing 970 MW are already in early stage development having secured grid connection offers, with the pipeline continuing to grow steadily.

The pipeline adds to GIG’s growing battery storage portfolio and leverages the in-house expertise of its Global Energy Technology team. Last year, GIG announced the acquisition of a portfolio of 187MW/187 MWh development-stage utility-scale, distribution-connected battery storage projects in the UK from Capbal Limited. With a 40 MW/40 MWh project in Maldon being the first project within the portfolio to reach financial close in December 2021. In December 2021, GIG also announced plans to deliver Australia’s largest privately-funded and fully committed battery storage project in partnership with ENGIE and Fluence at the site of the former Hazelwood Power Station in the Latrobe Valley, Victoria.

GIG is a specialist green investor within Macquarie Asset Management, and a global leader in the development of companies, assets and technologies that aim to accelerate the global transition to net zero

Bluestone is a renewable energy developer focussed on decarbonisation and sustainability. It has a track record of developing utlity scale solar, wind and battery storage project for a range of players in the industry.

"GIG’s partnership with Bluestone Energy is an exciting step for us in the market, and we look forward to generating even more opportunities to accelerate the deployment of this critical technology. Bluestone’s considerable expertise and GIG’s global experience make for a strong partnership that can drive forward the UK’s storage industry. Energy storage clearly plays a critical role in the energy transition. This partnership leverages our mutual experience and expands Macquarie’s global portfolio in this important sector."

Greg Callman 
Global Head of GIG Energy Technology

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About Bluestone Energy

Bluestone Energy is a renewable technology developer, based in the UK with global reach. Leveraging its expertise in grid connection and land acquisition, as well as planning and broader development processes, Bluestone enables fully engineered solutions for a variety of technologies.

The team holds extensive knowledge in the energy sector, with over 60 years of industry experience and product knowledge across a talent pool of grid, land and renewable technology specialists, all dedicated to supporting the global target of net zero carbon and creating a cleaner, greener, more sustainable world.

Bluestone Energy benefits from long-standing relationships with local stakeholder, developing commercially viable propositions to serve its clients and support the delivery of their targets.


1. From a current baseline of c. 40%. Fitch Solutions Analysis, 2021