Macquarie’s GIG and Enso Form JV for Solar and Battery Portfolio in UK

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Macquarie’s GIG and Enso Energy have formed a JV with the aim to create one of the UK’s largest subsidy-free solar and battery storage portfolios.

Macquarie’s Green Investment Group (GIG) and Enso Energy have announced they are working together in a UK solar and battery development joint venture (JV). The partnership was established with the aim to create one of the UK’s largest subsidy-free solar and battery storage portfolios, which will deliver clean energy to communities and businesses across the country.

The two partners have identified an ambitious pipeline of projects which are currently in development and represent an initial 1 GW of capacity.

Initial projects are grid secured and are being submitted for planning approval. This includes projects across England and Wales, where the team are currently conducting virtual community consultations to ensure that the views of these local communities can be taken into consideration during this period of required social distancing. Furthermore, these subsidy-free solar farms expect to be backed by power purchase agreements (PPAs), providing predictably priced power to UK businesses while reducing their carbon footprint.

Many of these projects will use newly available tracking and bifacial solar technology to ensure that the energy produced per hectare is maximised thereby reducing the physical footprint of each project.

By combining the solar farm with battery storage technology, the project can provide a more flexible output, address demand during peak periods, as well as providing auxiliary services and stability to the grid to facilitate increased levels of renewables on the system. The project plans and designs aim to significantly enhance the biodiversity of each site through the provision of a range of resources for local wildlife. Each development will include a Biodiversity Net Gain Assessment to demonstrate the benefits of each project.

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“Projects like these will play an important role in helping the UK meet its commitment to end its contribution to climate change by 2050, as the UK’s Committee on Climate Change has shown that meeting this target will require more renewable energy capacity. However, there are also potential economic benefits from a focus on delivering net-zero, and a recent report from Vivid Economics has shown that domestic investment in low carbon technologies could create 270,000 jobs across the UK,” a joint statement read.

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To deliver this portfolio, the partnership has assembled a highly experienced renewable energy delivery team, with a significant track record in the UK. Enso Energy has a proven history in developing large scale energy projects, totalling in excess of 1,500 MW of distributed generation. To date, Macquarie and the Green Investment Group (and its predecessor organisation, the Green Investment Bank), have supported nearly 7.5 GW of renewable projects in the UK.

The UK’s solar market holds huge potential to create green jobs and help the UK get closer to its aim of becoming a Net Zero economy. By combining GIG’s deep technical and financial capabilities with Enso’s highly experienced development team, our partnership has the skills and expertise to unlock that potential, bringing low-cost, low-carbon power to communities right across the UK,” said Ed Northam, Head of Green Investment Group Europe.