Our Energy team has advised long-standing client and UK specialist battery storage company, Eelpower, on its new partnership with Renewable Power Capital, a pan-European renewable energy investment platform backed by Canada Pension Plan Investment Board.
The new joint venture will acquire, build and operate utility-scale storage projects and is targeting to build up to 1GW of storage, with a current pipeline of 240MW to be built over the next 24 months. The batteries will participate in wholesale electricity markets and provide ancillary services to National Grid in support of the energy transition to Great Britain's electricity system.
Partner and co-head of Gowling WLG's Energy team, Gareth Baker, led the deal working with Roisin Bergin (senior associate, corporate energy). They were supported by James Stanier and George Nixon (commercial energy and regulatory), Laura Barron, Annabelle Percy and Orissa Kaur (corporate energy), Tom Rank and Michael Tushingham (corporate tax) and Helen Emmerson (real estate).
Commenting on the joint venture, Gareth Baker said:
"This is an exciting and significant new joint venture in the UK battery storage sector. We are proud to have supported the Eelpower team again, having previously advised on the first JV with SUSI Partners and a second JV with Next Energy Solar Fund which was expanded in September 2022 and recently (31st October 2022) acquired the development rights of a 250MW storage portfolio in the East of England (a transaction which we also led)."
Gowling WLG's multi-disciplinary energy team has a market-leading reputation and operates seamlessly around the globe. Positioned at the forefront of the renewables sector, the team has completed a series of recent transactions, including advisory to HydrogenOne on its investments in green hydrogen developer HH2E, Bramble, Gen2, HiiRoc and NanoSun, and to Triple Point Energy Efficiency Infrastructure Company on investments into Harvest and Glasshouse. The team has also acted on a wide range of largescale battery storage investments and developments.