Masdar and Octopus Energy Group Forge Battery Storage Agreement in the UK
(L-R) Octopus Energy CEO Greg Jackson with Masdar's Dr Sultan Ahmed Al Jaber and Mohamed Jameel Al Ramahi | Credit: Masdar / Octopus Energy Group
Masdar -a United Arab Emirates (UAE) government-owned clean energy giant - and Octopus Energy Group signed an agreement to manage Masdar's planned £1bn UK battery storage portfolio utilising Octopus Energy Group's Kraken technology. The partnership is designed to optimise and expand Masdar's energy trading capabilities, as well as hasten the deployment of renewable energy projects. The agreement follows Masdar's commitment to invest £1bn in UK battery storage initiatives, having acquired London-based Arlington Energy in October 2020. By using Kraken, Masdar will be able to manage the performance of its batteries in real time so as to get the greatest return in the UK's energy markets.
The arrangement was signed at an official ceremony in the UAE that was attended by the COP28 President-designate Dr Sultan Ahmed Al Jaber - who is also Masdar's chairman - Masdar CEO Mohamed Jameel Al Ramahi, and Octopus Energy Group CEO and founder Greg Jackson. Al Ramahi commented that the collaboration of Masdar and Octopus Energy's innovative clean energy solutions will help Masdar extend its presence in the UK energy sector. Jackson added that Octopus Energy Group will investigate further renewable energy partnerships and collaborations with Masdar.
In other news, a 50MW battery storage facility near Luton has been switched on through a joint venture between TagEnergy and Harmony Energy. The £30m facility at Chapel Farm is equipped with Tesla Megapack li-ion batteries and AI software to provide real-time energy trading and controls and is managed by RES. TagEnergy holds a 60 per cent stake in the project, with construction beginning once the project reached financial closure in March 2022. The project has been supported by a £12.5m funding package from Santander UK. This is TagEnergy's second renewable energy project to be operational in the UK, with the 20MW Hawkers Hill Energy Park commencing near Shaftesbury in Dorset last September. Now, TagEnergy has a portfolio of almost 4GW across five countries, including the UK, Spain, Portugal, France, and Australia. TagEnergy's CEO Franck Woitiez commented that Chapel Farm will provide a considerable clean energy contribution to the UK grid, as well as boost the market's flexible and affordable electricity supply.
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