The UK Infrastructure Bank has made its debut in the battery storage market, committing £62.5 million to support the development of new energy storage and grid stability facilities throughout the country.
This investment is part of a larger £175 million financing deal aimed at assisting Pulse Clean Energy Ltd (PCE) in their ambitious plans to invest over £1 billion in deploying more than 1GW of battery energy storage system (BESS) capacity across 20 sites in England, Scotland and Wales over the next three years.
PCE’s initiative involves converting existing energy generation sites into sustainable BESS facilities.
Furthermore, PCE will undertake its first synchronous condenser project as part of the third phase of the National Grid’s Pathfinder programme, contributing to grid stability in the UK.
Presently, the UK possesses approximately 5GW of storage capacity, yet National Grid estimates that by 2030, up to 29GW will be required.
Once the ongoing portfolio pipeline is completed, the accumulated storage is predicted to save approximately 1.9 million tonnes of carbon dioxide emissions over the lifespan of the assets.