JLL advises on investment into Europe’s largest battery storage systems by Amp Energy
JLL Energy & Infrastructure Advisory team has advised on the investment into two flagship 800 MWh projects located in Scotland
London, February 8, 2022 – JLL has advised on the investment into Europe's two biggest battery storage facilities in central Scotland.
Once constructed, the two 400 MW battery facilities will provide 800 MWh each of energy storage capacity. The substantial battery energy storage systems (BESS) will be the largest standalone assets in Europe and two of the largest globally. The projects will connect to the Scottish electricity transmission network at Hunterston and Kincardine, respectively. Both projects have achieved planning consent and are scheduled to start commercial operation in April 2024.
The projects are strategically located in constrained areas of the transmission network. They will provide services to the grid to alleviate power constraints, protect grid infrastructure and enable greater deployment of renewable energy in Scotland. Both schemes are co-located with synchronous condensers, which will help provide the electrical grid's much-needed stability through the provision of inertia, reactive power, and short circuit level.
“The UK electricity grid is in the process of transitioning to a greener net-zero market”, according to Amp’s Co-founder and Chief Investment Officer, Paul Ezekiel. “This has only been accelerated with the recently awarded addition of 25GW of offshore wind licenses as part of the ScotWind offshore wind leasing program. Amp’s development of strategically located transmission- connected utility-scale batteries is helping the GB transmission network operator to provide UK citizens with a stable and secure carbon free electricity system.”
JLL acted as lead advisor to the early-stage developer of the projects and supported the completion of the transaction with Canadian based Amp Energy. This deal marks a significant investment into European energy storage for the renewable IPP platform backed by the Carlyle Group and brings JLL’s volume of completed GB BESS transactions to 1.5GW, cementing the team’s place as the BESS market’s leading financial advisor.
Peter Sermon, Senior Director, Energy & Infrastructure Advisory, EMEA, JLL, said: “We are seeing the emergence of a new sub-sector within the GB BESS market comprised of large-scale transmission-connected projects in highly strategic locations. Amp’s investment into the Hunterston and Kincardine projects represents the largest transaction of European BESS projects to date. Amp’s technical capability, large-scale renewable energy experience from other jurisdictions, and in-depth focus on locational value drivers allowed them to assess the value of these projects in detail and accelerate their investment into the burgeoning GB BESS market.”
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