Macquarie’s Green Investment Group (GIG) has reached financial close on a 40MW battery storage project in Essex.

It follows the acquisition of a portfolio of development stage, utility-scale battery storage projects in the UK from Capbal Limited last year.

It includes seven projects located in highly congested areas of the UK network, including Scotland and South East England.

The project in Essex is the first within the portfolio to reach financial close.

GIG has carried out late stage development activities and run a procurement process to help deliver the project.

It includes EDF, which will provide the route to market under a long term contract, Trina Storage and G2 Energy, which will provide the operations and maintenance and Wood, which will provide construction and asset management.

Greg Callman, Global Head of Energy Technology at GIG said: “We strongly believe in the critical role of battery storage to unlock the global energy transition, enabling expanding renewables capacity and more resilient energy networks.”