Investment management firm, Downing LLP has announced it has entered into agreements for the supply of the battery storage solution and the balance of plant for an energy storage plant project in the UK.
Courtesy of Downing LLP
The company has also finalised the selection of its co-funding partner and the route to market and trading arrangements for its transmission system connected 50MW/53MWh battery storage project.
The deal represents Downing’s first front-of-the-meter battery asset and is one of the largest in the UK. Grid connection works are already largely complete, and the project is expected to connect to the grid and begin operations in August 2021.
This project is Downing’s second investment in the sector, following the installation of a 3 MW battery storage system at Arsenal Football Club’s stadium, and marks the first step in a wider initiative to build a portfolio of energy storage assets.
The project connects directly to National Grid’s transmission system and the ambition for the second phase of the project is to develop a private wire network and a utility scale electric vehicle charging super hub in Nursling, Southampton.
“Battery storage solutions are increasingly important as a renewable energy enabling technology in our ongoing mission to combat climate change” said Sean Moore, Investment Director at Downing. “We are proud and excited to be spearheading this exciting deal with a cohort of industry leading suppliers and investors. We look forward to continuing our work with each stakeholder to bring the asset in operation later this year.”
Hyosung Heavy Industries corporation was selected as the Battery Energy Storage Solution provider following a competitive process. The project marks the South Korean supplier’s first transmission-connected battery project in the UK, following deployment of 1.8 GWh globally.
UK-based construction company, Arun Construction Services, has managed the construction of the site since inception and will be responsible for the final installation of the asset. The trusted construction partner has over 30 years’ sector experience with particular expertise working with transmission-connected assets.
The bankability of the project has been improved through the involvement of leading energy and asset optimisation provider, EDF. Following an extensive tendering process, EDF was selected as the project’s route-to-market and trading partner for its industry leading market knowledge and trading capability. The project will enter into a seven-year contract providing access to a revenue floor.