The UK Infrastructure Bank to invest £200m in storage projects for the first time
The UK Infrastructure Bank has announced that it will invest £200m in two funds focused on storage technologies as its first foray into energy storage.
According to the announcement, the bank will invest £75m in Gresham House Secure Income Renewable Energy & Storage LP (SIRES) fund.
Energy solutions company Centrica will also invest £65m in the same fund as part of the deal.
This investment will enable the launch of a 50 MW solar power plant and a 75 MWh energy storage facility in the country.
The bank will also invest £125m in the Equitix UK Electricity Storage fund.
According to the bank’s statement, the investments will create 1,300 jobs and trigger £200m of private sector investment.
The statement also indicates that the UK’s energy storage capacity currently stands at 5 GW, while the country’s net zero emissions target requires this capacity to reach 29 GW by 2030 and 51 GW by 2050.