Cambridge Power has agreed to partner with Brookfield Renewable to develop a portfolio of battery energy storage system sites across the UK. No financial terms were disclosed. Cambridge Power, a British developer of energy storage projects, was founded by Pigeon Investment Management in 2018. Brookfield Renewable is an affiliate of Brookfield Asset Management.
Cambridge Power Enters into Framework Agreement with Brookfield Renewable
9 February 2022
Cambridge Power Limited has entered into a Framework Agreement with Brookfield Renewable to develop a portfolio of battery energy storage system (BESS) sites across the UK, supporting the UK’s transition to Net Zero by 2050.
The company has agreed with Brookfield Renewable, one of the largest global owners and operators of clean energy, to develop on an exclusive basis more than 800 MW of fully consented BESS assets and 185 MW of co-located solar for investment over the next five years. As part of this agreement, Brookfield will provide significant capital to construct the portfolio of assets. This will support the continued growth of renewable energy in the UK and assist the National Grid with balancing renewable generation during periods of peak demand.
Cambridge Power will manage the construction and operation of the assets with projects commencing construction in 2022, and energisation in 2023.
Cambridge Power, founded by Pigeon Investment Management in 2018, has a proven track record of developing grid-scale energy storage assets throughout the UK.
Brookfield Renewable operates one of the world’s largest, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, solar and storage facilities in North America, South America, Europe and Asia, and totals over 21,000 MW of installed capacity and approximately 62,000 MW development pipeline.
Richard Stanton, Chairman of Cambridge Power says: “This partnership represents a terrific opportunity for Cambridge Power to develop and operate one of the UK’s leading BESS and solar PV portfolios.”
Ignacio Gómez-Acebo López, Vice President of Brookfield Renewable, said: “As owners and operators of one of the largest clean energy businesses in the world we are excited to collaborate with Cambridge Power and contribute to the UK’s transition to Net Zero. Our Framework Agreement offers the opportunity to invest in a significant pipeline of BESS and co-located solar opportunities with a leading developer.”