UK fund secures 10-year PPA for 55 MW of solar, 40 MW/80 MWh of storage – pv magazine International

July 11, 2023 Pilar Sánchez Molina

UK funding fund DIF Capital Companions has secured a 10-year energy buy settlement for a 55 MW photo voltaic farm linked to 40 MW/80 MWh storage in the UK from an undisclosed purchaser. The undertaking might be positioned in Bedfordshire, England.

Swiss consultancy Pexapark assisted DIF Capital Companions in structuring the deal.

“Working with DIF, the vendor inside the settlement, Pexapark’s PPA Transaction advisory workforce was in a position to acquire the quantitative experience of its Storage and Flexibility Desk to research the anticipated revenues and danger publicity,” mentioned Pexapark in a you statemenr. “This enabled Pexapark to find out an optimum PPA construction overlaying the ability technology and storage points of the undertaking.”

“We anticipate this deal to be the primary of many, representing a turning level for the European sector within the deployment of bankable photo voltaic hybrid initiatives,” mentioned Jack Rankin, PPA’s PPA transaction advisory regional lead for Nice Britain and Eire. “In the long term, agreements like this are important for integrating a excessive proportion of intermittent renewable power technology into the grid.”

DIF Capital Companions mentioned in mid-June that it had reached a detailed on the financing q co-located photo voltaic and battery storage portfolio in the UK. The portfolio consists of seven ready-to-build websites with 380 MW of photo voltaic capability and 340 MW of storage capability.

“The primary two initiatives within the portfolio have began development, with an expectation that every one initiatives might be operational between 2024 and 2025,” the fund mentioned on the time.

The UK wants grid-stabilization providers supplied by BESS as a consequence of weaker interconnections in comparison with continental Europe. Utility-scale initiatives have elevated in recent times, increasing the vary of providers that giant batteries can supply on this deregulated market.

In line with Nationwide Grid, the UK may have as much as 50 GW of storage capability by 2050 to fulfill its net-zero carbon emissions aim.

In April, RenewableUK reported that the nation’s complete pipeline of battery initiatives had doubled from 16.1 GW to 32.1 GW. Battery storage capability in operation grew by 45% to 1.6 GW, and the capability of initiatives underneath development greater than doubled to 1.4 GW. As well as, 10.4 GW has been accepted, whereas 7.7 GW is within the planning system.