Renewables developer Eelpower has joined with funders Equitix, Australian pension fund Aware Super and the National Wealth Fund to develop a portfolio of battery storage assets via a new platform, Eelpower Energy. Construction will start straight away on a 150MW/300MWh portfolio with plans to reach final investment decisions on up to 1GWh of capacity by the end of this year.
Eelpower will hold a small minority stake in the new platform and its management team led by Mark Simon will transfer across to Eelpower Energy. The platform expects to invest £500m with £200m coming from the National Wealth Fund. Eelpower was advised by Etara corporate finance, Gowling WLG and Burges Salmon. It has worked with NextEnergy Capital and Susi Partners in the past.
