The Green Investment Group (GIG) of Macquarie has inked a joint development agreement with Bluestone Energy, a UK-based renewable energy developer, to construct up to 2 GW of battery storage projects in the UK. Of the capacity to be developed, 970 MW is currently in the initial development phase and has already received grid connection offers.
In order to meet the UK’s 2050 net-zero emissions target, intermittent wind and solar capacity are expected to need to expand to about 60 per cent by 2030. GIG’s in-house expertise will be used in the projected development pipeline, which aims to increase the company’s battery storage portfolio. The partnership between GIG and Bluestone is expected to play a vital role in increasing clean energy capacity in the UK’s electricity grid.
In June 2022, GIG and Hydro Rein agreed to form a joint venture to build and operate a 586 MW wind and solar power plant in Brazil’s northeast. The wind and solar hybrid project, named Feijo, would be developed in the Brazilian states of Piaui and Pernambuco. Feijo would be equipped with 80 wind turbines by Nordex, a wind turbine manufacturer.
REGlobal’s Views: GIG has been focusing on developing battery storage projects across the globe. Last year it announced the acquisition of a portfolio of development-stage battery storage projects in the UK from Capbal Limited and it is also developing a large battery storage project in partnership with ENGIE and Fluence in Victoria, Australia.