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Ceturtdiena 27.07.2017 | Name days: Marta, Dita
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Vitol's VPI Immingham invests in UK energy storage

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUUK electricity supply sector has commenced transformation through multi-million pound investment in batteries from VLC Energy, as BNN was informed by representatives of Vitol.

On 28 February, VLC Energy announced the development of two of the UK’s largest energy storage plants, to be connected to the electricity network by year end.

BNN was informed by company representatives that the newly created company will be a joint venture between Low Carbon, a renewable energy investment company, and VPI Immingham, owner of one of the largest combined heat and power plants in Europe and part of the Vitol Group.

«The use of batteries will enhance National Grid’s ability to manage surges in supply from renewable energy sources, as well as surges in demand, and ultimately increase the Grid’s capacity to accommodate energy generated from renewables,» company representatives say.

It is also noted that they will also be an integral part of building a smarter, cleaner and more flexible energy system for the UK.

The first multi-million pound projects to be developed by VLC Energy include two of the UK’s largest energy storage plants in Cleator in Cumbria and Glassenbury in Kent. The energy storage plants were awarded contracts in National Grid’s Enhanced Frequency Response (EFR) tender process, as well as the Capacity Market Auction for delivery in 2020. The Cleator and Glassenbury sites will have a combined capacity of 50MW accounting for 25% of the total EFR contract capacity awarded by National Grid.

Low Carbon, has a proven track record in the development, construction, financing and management of renewable energy assets, and was the only organisation to be awarded two contracts in the National Grid EFR tender process. To date, the UK-based renewable energy investment company has enabled the deployment of more than GBP 400 million into renewable energy projects and has experience with solar photovoltaic, battery storage, wind, combined heat and power, concentrated solar power and anaerobic digestion. «The investor has developed enough renewable energy to power more than 100,000 homes and saving more than 143,600 tonnes of CO2 annually,» company representatives say.

«We’re pleased to be entering into an exclusive, strategic partnership with Low Carbon that will enable us to grow our investments in alternative energy in the UK. Batteries perfectly complement renewables and gas and together offer a cleaner, more efficient energy future for the UK,» said Russell Hardy, Chairman, VPI Immingham and member of Vitol’s executive committee.

Roy Bedlow, Chief Executive, at Low Carbon, said, «Renewable energy is playing an increasingly important role in the UK’s energy mix and as this role expands, the development of energy storage plants will be central to the future success of the UK’s energy network. As a leading player in the renewable energy market, we’re delighted to be partnering with Vitol to accelerate the development of new energy storage and renewable energy projects. Furthermore, by actively building a robust portfolio of renewable energy projects at scale, we are substantively challenging the causes of climate change, while helping to meet the growing demand for renewable energy in the UK.»

Ref: 224.109.109.2099


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