Institutional energy investment company EIG today (October 7) announced the launch of a new battery energy storage systems (BESS) developer, Fidra Energy.
Fidra Energy is headquartered in Edinburgh, Scotland, and aims to have 10 GW of BESS projects in the UK and Europe by 2030.
To date, Fidra Energy has a development pipeline of 3.15 GW in Britain. The largest of these projects is the 1.45 GW Thorpe Marsadh project, which will start construction in South Yorkshire next year and, when completed, will be the largest BESS project in Europe.
In addition, Fidra Energy’s pipeline includes the 1.2GW Bicker Fen 1&2 project in the East Midlands, and the 500MW West Burton C development in Nottinghamshire. Once all three of these projects are completed, they are expected to have sufficient capacity to meet more than 5% of Britain’s peak demand.
Chris Elder, CEO of Fidra Energy, said: “Battery storage is a proven, cost-effective and flexible technology that will be critical to Europe’s energy transition. Our strategy is focused on delivering large batteries to large markets through the development of large transmission-connected projects that secure economies of scale. By leveraging our team’s extensive experience in developing, constructing and operating major energy projects, we are well positioned to capture these important market opportunities.”
Walid Mouawad, Managing Director and Global Co-Head of Energy Transition at EIG, added: “As renewable energy sources increase alongside rising electricity demand, we believe battery projects will be essential in supporting the deployment of intermittent renewable energy generation. We are excited to work with Chris and the team at Fidra Energy in their efforts to drive the energy transition in Europe.”
New faces on the British BESS market
So far this year, a number of new players have entered the UK BESS sector.
Root-Power, a spin-off from YELM, was launched in July this year and has already experienced explosive growth. The third BESS project, which started at the end of September, is the third to begin construction since its launch. The company is aiming for further growth in the coming year and has appointed five consultancy firms that must submit more than forty building applications before the end of 2024.
Last month, Irish energy trading and services company ElectroRoute announced it is expanding into the UK renewable energy market and BESS, while continuing to manage its 1.9GW Irish portfolio, which includes 250MW of energy storage capacity.
