TLT has advised renewable energy investment company Thrive Renewables on the purchase of a battery storage project in Wicken, just outside Milton Keynes – the first investment of its kind for the company.
The deal will see Thrive acquire and develop a 5MW / 7.45MWh battery storage facility at Wicken, enabling the import of electricity for storage when demand on the 11kV local network is low and the export of energy to support the local network at times of peak demand. The project, which will be able to power 1.49 hours’ worth of electricity, will allow for frequency response and the provision of energy demand balancing services to the National Grid as well as the local network. The construction of the plant is set to be completed by summer 2021.
TLT’s team on the agreement was led by corporate partner Kay Hobbs, with support from partner and head of clean energy Maria Connolly, and Eleanor Cochrane, an associate in TLT’s Projects, Infrastructure and Construction team. The multi-disciplinary team advised Thrive on the acquisition of the project, performing all due diligence, as well as on the suite of construction and maintenance documentation necessary to allow the construction to commence.
Today’s announcement shortly follows the news from November that TLT advised Thrive on its first commercial rooftop solar initiative.
Kay Hobbs, partner at UK law firm TLT, commented:
“We are delighted to have advised Thrive on its first venture into battery storage, which is evidence of Thrive’s continued commitment to this sector generally and its appetite to continue to diversify its portfolio.
“Battery storage has come a long way in recent years and will play an increasingly vital role in balancing electricity generation with demand, as was laid out in the energy white paper released by the government this week. Significant investment has been made both in standalone projects like this one and co-located projects throughout the UK, and we expect the demand for storage projects to continue for the foreseeable future.”
Monika Paplaczyk, Senior Investment Manager at Thrive Renewables, said:
“Battery storage provides flexibility to the electricity grid, enabling the deployment of more wind and solar power across the system, and we’re very pleased to be a part of making that happen. This year we have invested in new geothermal, solar, and hydro projects to add to our existing portfolio, delivering on our mission to help power the UK’s transition to clean energy.”