KX Power announced that it has signed an agreement with BlackRock Real Assets Fund Management to form a joint venture to develop, build and operate battery energy storage projects in the UK. The first investment of £200 million, funded by the third phase of the BlackRock Global Renewable Energy Fund, will be used to support the construction of battery energy storage assets of up to 2GWh in the UK.
Battery energy storage can effectively solve the intermittent problem caused by renewable energy, and accelerate the development of more renewable energy in the UK to support the implementation of the UK's 2050 net-zero carbon emissions strategy.
BlackRock's inaugural investment in the joint venture enables renewable energy generation projects sufficient to power more than 2 million homes annually and reduce carbon dioxide emissions by 16 million tons over the life of the project.
The third phase of BlackRock GRP is the first time to invest in the UK battery energy storage market. The two parties plan to jointly build BlackRock’s expertise in infrastructure investment and KXP’s rich experience in developing battery energy storage assets. An industry-leading portfolio of energy storage system assets, supporting the UK's transition to green energy with practical actions.
BlackRock said GRP Phase 3 is committed to future-proof climate change-related infrastructure investments. Excited to lead the development and expansion of the UK battery energy storage market through cooperation with KXP
