Balance Power, TagEnergy partner to develop and manage 500MW of BESS. Image: Balance Power.
Balance Power and TagEnergy are set to capitalise on the growing interest surrounding energy storage with the firms having partnered to build, own and operate 500MW of battery energy storage system (BESS) projects across the UK.
Running alongside this partnership, the two firms will invest over £300 million in order to construct the projects over a period of four years.
In developing energy storage projects across the UK, the partners aim to increase reliability of the region's renewable sector and provide flexibility to the energy network. TagEnergy will become the majority owner of these projects.
The partnership will also increase TagEnergy’s current portfolio of over 300MW of ready-to-build or under construction battery projects by an additional 500MW at different stages of development.
“This agreement is increasing significantly TagEnergy’s pipeline and strengthens our goal to connect more sustainable, competitive and clean power to the national grid and accelerate the energy transition,” said Franck Woitiez, CEO of TagEnergy.
“We are delighted to partner with Balance Power which has a strong track record of development in the UK.”
Balance Power has a further 300MW contracted and part delivered as well as an additional 1GW of projects in its development pipeline. The agreement will deliver Balance Power’s first operating BESS projects.
“We are delighted to partner with TagEnergy on these projects. We have a shared vision for the market and the team has a successful track record in delivering and operating projects which complements our own expertise and skill in project development,” said Phil Thompson, CEO of Balance Power.
TagEnergy has signed a similar partnership with Harmony Energy for two grid-scale battery energy storage projects in England and Scotland.
As part of the pair’s joint venture (JV), the two revealed their intention to develop standalone battery energy storage system (BESS) projects in Chapel Farm near the town of Luton in southern England and Jamesfield Farm near Abernethy, Scotland.
Both will use Tesla’s Megapack multi-megawatt BESS technology and will be onboarded to the Tesla Autobidder AI revenue optimisation software platform.
Balance Power also revealed it is set to develop a 50MW battery energy storage project in Wolverhampton West following a successful planning appeal in early October.
The project had been approved on the basis that the inspector found environmental benefits provide for special circumstances for being situated within the Green Belt and is additionally aligned with national efforts to decarbonise the UK’s energy system.
“We are very pleased to have secured all three planning appeals. Battery storage technology is among the most effective tools to expand the integration of renewables onto the grid; helping to stabilise energy reliability and in turn, reducing the cost of electricity for consumers. The gas peaking projects will also be critical in creating a resilient network during the transition,” said Dan Levy, planning lead at Balance Power, on the approval of the BESS project.