ContourGlobal, a subsidiary of KKR, enters Britain to build a large battery storage facility
ContourGlobal, an independent power producer, has purchased a large storage battery project in Scotland from New Energy Partnership Limited. This is its first foray on the British energy market.
The group, which is owned by the?U.S. The fund KKR is expected to invest hundreds of millions of pounds into the project that it plans to develop in the next two years.
ContourGlobal CEO Antonello Camisecra told. This comes after British PM Keir starmer announced on Monday that he was stepping down, opening the door for Andy Burnham to take over.
ContourGlobal still considers this country to be a market with potential and plans to continue other projects. Cammisecra stated that "our ambition is to make Britain third in terms of growth, after the United States and Chile."
According to the executive, Britain's regulatory framework is stable and offers growth opportunities as well as the opportunity to earn money through the sale of storage assets.
"Britain supports the energy transition without hesitation... I do not think there can be any consideration on battery storage."
The project, located on the south-west coast of Scotland in Ayr will be completed with 500 megawatts of power and 2 GWh of energy storage, which is equivalent to 4 hours of continuous discharge.
Cammisecra stated that the location would be ideal for?the development of offshore energy as well as, possibly, data centres.
Batteries that absorb energy when it is plentiful - and discharge it to the grid at other times - are increasingly being deployed in renewable areas. They help to meet demand as wind and solar power supply dwindles. Battery storage systems are also a promising way to smooth out electricity demand in data centers.
ContourGlobal expects to complete the project by the end or early 2029.
The group was founded in 2005, listed in London by?2017 and acquired by KKR 2022 for PS1.75 billion.
Cammisecra is a former executive at Italy's largest utility Enel. He has helped the group transform into a renewable energy producer, and reshuffled their geographic footprint. Reporting by Francesca Landini, Editing by Keith Weir
(source: Reuters)
