TagEnergy and Balance Power today announce they have signed a framework agreement to build, own, and operate 500MW of the Balance Power pipeline. The partnership will drive the UK forward on its journey to establish a clean, secure energy system, and will require investment of over £300m to build the projects over the next four years.
Renewable energy developer and investor TagEnergy is continuing its push into the UK energy storage market. The partnership will increase TagEnergy’s current portfolio of over 300MW of ready-to-build or under construction battery projects by an additional 500MW at different stages of development.
Independent energy specialist, Balance Power, has a further 300MW contracted and part delivered, and an additional 1GW of projects in its development pipeline. Specialising in solar, battery storage, and peaking technologies, Balance Power has been leading the way in decentralised energy projects since 2017, working with landowners, communities, and councils in the UK to decarbonise in line with national targets.
The agreement will deliver Balance Power’s first operating energy storage projects. In 2020 Balance Power sold its 34MW of operating gas peaking projects to Sterling and Wilson.
Phil Thompson, CEO of Balance Power says: “We are delighted to partner with TagEnergy on these projects. We have a shared vision for the market and the team has a successful track record in delivering and operating projects which complements our own expertise and skill in project development.”
Franck Woitiez, CEO of TagEnergy, says: “This agreement is increasing significantly TagEnergy’s pipeline and strengthens our goal to connect more sustainable, competitive and clean power to the national grid and accelerate the energy transition. We are delighted to partner with Balance Power which has a strong track record of development in the UK.”
