Macquarie’s Green Investment Group (GIG) and Enso Energy are working together in a UK solar development joint venture.
The partnership was formed with the goal of establishing one of the largest subsidy-free solar and battery storage portfolios in the UK that will deliver renewable energy to communities and businesses throughout the country.
GIG and Enso have established an ambitious project pipeline currently under construction which represents an initial capacity of 1 GW.
Initial projects are grid secured and are being submitted for planning approval. It involves initiatives across England and Wales, where the team is currently undertaking virtual community meetings to ensure the opinions of these local groups can be taken into account during this time of social distancing that is needed.
In addition, these subsidy-free solar farms plan to be funded by PPAs, delivering predictably priced electricity to UK companies while reducing their carbon footprint.
Many of these projects will use newly available monitoring and bifacial solar technologies to ensure maximization of the energy generated per hectare, thus reducing each project’s physical footprint.
By combining the solar farm with the battery storage technology, the project can deliver a more flexible output, address demand during peak periods, as well as provide auxiliary services and grid stability to facilitate increased renewable energy levels on the system.
Projects like this will play an significant role in helping the UK achieve its commitment to end its contribution to climate change by 2050, as the UK Climate Change Committee has demonstrated that fulfilling this aim would require more capacity for renewable energies.
Nonetheless, a emphasis on achieving net zero still provides possible economic benefits, and a new study from Vivid Economics has shown that domestic investment in low carbon technology will generate 270.000 jobs across the UK.
“Both Macquarie’s Green Investment Group and Enso Energy are totally committed to an ambitious program of large-scale solar development. This partnership brings together two organisations that share the same vision, to dramatically accelerate the delivery of the benefits of low-cost solar energy to communities up and down the country.”Ian Harding and Andrew King, co-founders of Enso Energy.
“From our origins in the UK as the world’s first green investment bank, GIG has grown into a global green energy powerhouse while remaining steadfastly committed to accelerating the UK’s transition to a greener economy. The UK’s solar market holds huge potential to create green jobs and help the UK get closer to its aim of becoming a Net Zero economy. By combining GIG’s deep technical and financial capabilities with Enso’s highly experienced development team, our partnership has the skills and expertise to unlock that potential, bringing low-cost, low-carbon power to communities right across the UK.”Ed Northam, head of Green Investment Group Europe.