RIYADH: A division of Abdul Latif Jameel Energy has partnered with UK-based firm Tyler Hill Partners to develop a $1 billion battery energy storage platform in Britain, MEED reported.
Fotowatio has put forward the platform, known as FRV TH Powertek, which will be focused on designing, constructing and operating a portfolio of battery energy storage-system projects in the UK.
It is expected to reach up to 1GW over the next five years with an estimated aggregate investment of ?1 billion.
“A significant growth is expected in installed capacity of battery storage projects to keep the UK on track to meet its net zero targets for 2050,” MEED reported citing Abdul Latif Jameel Energy.
FRV expects to invest more than $1.5 billion to double its total installed capacity from 2GW in 2021 to 4GW in 2024.
BESS platforms are expected to play a crucial role in the global expansion of variable renewable energy capacity using solar and wind sources, according to MEED.