BlackRock Real Assets has made an initial commitment of up to £200 million ($246 million) in a joint venture to support the build-out of battery storage assets in the United Kingdom.
The asset-management group has partnered with London-based battery storage developer KX Power to develop, build and operate projects.
The investment is made by the BlackRock Global Renewable Power III fund, which had raised $4.8 billion at its final close in April 2021.
The joint venture includes an initial commitment to support the build out of up to 2 gigawatt hours of battery storage assets across the United Kingdom enabling enough renewables-generation buildout to power more than 2 million homes annually and to remove 16 million tons of carbon dioxide over the lifetime of the projects.
“Battery electricity storage is a vital part of the transition to renewable electricity generation in the United Kingdom and this transaction demonstrates that the combination of experie