TagEnergy has acquired a 100% stake in the Lakeside 99.9 MW battery storage facility in North Yorkshire from independent renewable energy company RES.
The global energy giant will invest close to £65 million in the project.
The facility is strategically located on the transmission network enabling an efficient and cost-effective connection to the national grid.
Construction will commence in Q4 2022, with energisation scheduled for October 2023.
The Lakeside project is TagEnergy’s fifth investment in the UK this year, as it deploys its battery storage solutions to add flexibility and stability to the national grid.
The five battery storage facility projects announced to date take TagEnergy’s secured portfolio in the UK to 270 MW / 540 MWh.
Franck Woitiez, CEO at TagEnergy, said: “The Lakeside acquisition reaffirms TagEnergy’s unwavering commitment to leveraging our significant storage expertise to increase the UK’s energy storage capabilities.
“It joins our growing portfolio of UK projects that will connect more sustainable, competitive, and clean power to the national grid to accelerate the energy transition.
“This is our second project acquisition from RES, who are highly regarded as world leaders in the development and management of energy storage systems.
“We look forward to continuing to work closely with them to deliver this facility and to use our combined expertise to drive the flow of clean energy from renewable sources.”
Lucy Whitford, Managing Director UK and Ireland at RES, added: “As the world’s largest independent renewable energy company we have got over 40 years’ experience in developing, constructing, and operating renewable energy projects around the globe.
“Lakeside battery storage facility will play a vital role in our rapid transition to renewables by helping to balance our grid and increase access to low cost, green electricity.
RES has a portfolio of over 700 MW of energy storage projects in development and construction in the UK and Ireland and alongside partners like TagEnergy we are continuing to realise the significant economic and environmental benefits of these projects for businesses and consumers.”
Image: RES Broxburn battery storage site in Fife, Scotland (Credit: RES)
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