The U.K. Infrastructure Bank and Centrica have plans to invest up to £265 million ($320 million) in the development of sustainable energy storage to help drive the country’s transition to a cleaner, greener and more resilient electricity network.
The bank will invest £75 million ($90 million) on a match-funding basis into the new Gresham House Secure Income Renewable Energy & Storage (SIRES), alongside a £65 million ($79 million) seed investment from Centrica. SIRES will focus on developing the colocation of renewable generation and short-duration electricity storage facilities to help maximize grid connections. The seed asset will be a colocated solar and battery-energy storage project in Hartlepool, County Durham, with 50 megawatts of solar capacity and 75 megawatt hours of battery-energy storage.
The U.K. infrastructure Bank also has committed to invest £125 million ($151 million) on a match-funding basis into Equitix U.K. Electricity Storage Fund. The fun