COPENHAGEN, Denmark, Dec. 05, 2023 (GLOBE NEWSWIRE) -- Copenhagen Infrastructure Partners (CIP) through its Flagship Funds has taken final investment decision and commenced construction on a 500 MW / 1,000 MWh energy storage system in Coalburn, Scotland, which will be one of the largest of its kind in Europe.
The facility is the first project to be developed from the partnership between CIP and Alcemi to deploy 4 GW of energy storage assets across the UK. CIP aims to take final investment decision on two other projects next year with a combined capacity above 1 GW. The portfolio will provide vital support to the UK’s energy network, accelerating the integration of renewable energy and the transition to net zero by 2050.
The Coalburn 1 facility has been developed with extensive landscaping and ecological mitigation measures, including the maintenance of peat reserves, tree and wildflower planting, and new habitats, promoting biodiversity across the site.
The scheme will reduce the need for fossil fuel power generation during periods of peak demand leading to a decrease in CO2 emissions but also provide balancing services to help lower the costs for end consumers to manage the UK Power system.
'Achieving Final Investment Decision on one of the largest battery projects in Europe is a significant milestone for CIP. It demonstrates CIP’s industrial approach in identifying a market need and delivering a large-scale project with a robust contractual framework with high quality partners and counterparties. The integration of renewable energy into the energy system requires significant investment into storage solutions and we have a significant pipeline of storage projects across the world which we hope to build in the years ahead,' said Nischal Agarwal, partner at CIP.
Canadian Solar’s e-STORAGE will deliver their proprietary energy storage solution, SolBank, while H&MV Engineering will undertake the balance of plant works. SSE Energy Markets will provide the optimisation services for the project.
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focuses on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.
CIP manages 12 funds and has to date raised approximately EUR 26 billion for investments in energy and associated infrastructure from more than 150 international institutional investors. CIP has approximately 400 employees and 12 offices around the world. For more information, visit www.cip.com
For further information, please contact: Simon Mehl Augustesen, Chief Communication Officer Phone: +45 3052 6721 Email: siau@cip.dk Thomas Kønig, Partner – Investor Relations Phone: +45 7070 5151 Email: tkon@cip.dk
