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."
Global Head of GIG Energy Technology