Norwegian renewable energy investor Magnora and Canada's Alberta Investment Management have announced their forays into the UK battery energy storage market.
More precisely, Magnora has also entered the UK solar market, initially investing in a 60MW solar power project and a 40MWh battery storage system.
While Magnora declined to name its development partner, it noted that its partner has a 10-year history of developing renewable energy projects in the UK.
The company noted that in the coming year, investors will optimize the environmental and technical elements of the project, obtain planning permission and cost-effective grid connection, and prepare the sales process.
Magnora points out that the UK energy storage market is attractive to international investors, based on the UK's 2050 net zero target and the Climate Change Commission's recommendation that the UK install 40GW of solar power by 2030 reason.
Alberta Investment Management and investment manager Railpen have jointly acquired a 94% stake in British battery storage developer Constantine Energy Storage (CES).
CES mainly develops grid-scale battery energy storage systems and plans to invest more than 400 million pounds ($488.13 million) in a series of energy storage projects in the UK.
The projects are currently being developed by Pelagic Energy Developments, a subsidiary of the Constantine Group.
