Renewable electricity developer Strategic Power Projects is joining forces with London-listed investor Gresham House to build solar electricity generators and battery storage around Ireland.
Strategic Power is investing €1 billion in 16 projects capable of providing electricity to an estimated 630,000 homes.
The company confirmed on Monday that it had formed a partnership with alternative asset manager Gresham House to build solar electricity and battery storage throughout Ireland.
The pair hope to complete projects with a combined capacity of 1,000 megawatts of electricity, equal to more than two gas-fired power plants, in the Republic and Northern Ireland.
Paul Carson, managing director of Strategic Power Projects, said the deal with Gresham House created a partnership with cash, knowledge and experience in electricity generation.
“These are critical times for renewable energy in Ireland,” Mr Carson added.
“The concerning uncertainty regarding energy only serves to emphasise the need for more renewables development, with a particular focus on battery energy storage in providing stability to the grid.”
Quality assets
Peter Bolton, Gresham House investment director, noted that Strategic Power's assets were of high quality and said the firm looked forward to working with the developer.
Strategic Power’s 16 projects include solar power, battery storage and biogas (gas derived from organic waste).
Solar cells convert the sun’s energy to electricity. Battery storage is used to even out power supplies from renewable generators, which produce energy intermittently rather than constantly.
Its partnership is with Gresham House New Energy, the renewables division of investment company Gresham House, which is listed on the London Stock Exchange.
Gresham House New Energy is managing power generators in the UK capable of providing 656MW of electricity. It bought assets with a 200MW capacity from Anesco in January.
The company acquired Irish business Appian Asset Management earlier this year.
