NextEnergy Solar Fund has set up JVP2, a £200m battery storage joint venture with Eelpower Limited.
JVP2 is separate from an existing £100m joint venture JVP1, set up by the pair last year, with this time NESF owning 75% and Eelpower holding the remaining 25%.
That partnership's (JVP1) first 50MW battery storage project is currently under construction in Fife, Scotland, and is expected to be energised and grid-connected in the first half of 2023.
NextEnergy said JVP2 significantly increases its position in the UK battery storage sector and will enable it to pursue a high-quality pipeline of over 500MW (£300m) battery energy storage opportunities.
Nextenergy Solar needs shareholder and FCA approval for both JVs due to the company's existing investment policy being limited to 10% of Gross Asset Value in energy storage.
Michael Bonte-Friedheim, NextEnergy group CEO, said: "The new joint venture partnership builds on the successful relationship with the Eelpower team and enhances NESF's position as a key player in the battery storage sector.
“The partnership also secures NESF an exclusive pipeline of over 500MW of battery storage opportunities which is incredibly exciting, and will further enhance the UK's energy independence once energised and grid-connected."
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