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HomeRenewablesenergy consumptionUK Infrastructure Bank invests £60m in Kent battery project

UK Infrastructure Bank invests £60m in Kent battery project

The UK Infrastructure Bank has allocated a £60 million loan to support the development of a large electricity storage park in Kent, with additional financing from NatWest.

This project is predicted to contribute to grid stability and enhance the UK’s energy security.

National Grid predicts a potential requirement of up to 29GW of storage by 2030 and up to 51GW by 2050, a substantial increase from the current 5GW capacity.

This investment marks the UK Infrastructure Bank’s second debt commitment in the battery storage sector, following its £62.5 million investment in Pulse Clean Energy in May.

In addition, the bank has allocated £200 million to the Equitix UK Electricity Storage Fund and Gresham House Secure Income Renewable Energy & Storage LP, with the potential to unlock an additional £1.2 billion in private capital for the storage sector.

John Flint, UK Infrastructure Bank Chief Executive Officer, said: “The rapid scale-up of renewables onto the grid means the UK needs more storage capacity, and we need it fast. That means scaling this technology which in turn presents challenges for the market.”

Energy Live News
Energy Live News
This article first appeared on Energy Live News, an award winning news service. Their mission is to give you balanced news, analysis, commentary of energy from their dedicated team of quality journalists and production staff.
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