Penso Power expands Europe’s largest battery storage scheme.
Penso Power adds 50MW to Europe’s largest battery storage scheme, bringing the total poject size to 150MW.
Battery storage company Penso Power, has secured land rights, planning permission and a grid connection offer to extend the Minety 100MW project by a further 50MW.
Penso Power focuses on grid-scale battery storage and employs an innovative revenue model to offer superior risk-adjusted returns to investors. The company has a near term project pipeline of over 250MW with ambitions to deploy considerably more than 1GW.
The Minety project, located in Wiltshire, is Europe's largest battery storage development. Work started onsite in December 2019 and it is expected that Minety will enter operation towards the end of 2020. The additional 50MW capacity is to be built on adjacent land, and will enter operation in 2021.
The development of Penso Power's Minety project has been enabled by commercial agreements with Shell Energy Europe and the energy tech company Limejump.
Shell has signed a major offtake agreement on the original 100MW project, the largest of its kind globally to date, whilst the batteries will be optimised and dispatched by Limejump.
Penso Power is currently in discussions with potential offtakers regarding similar arrangements for the 50MW project extension. The offtake structure de-risks the returns for infrastructure investors while accessing deep and liquid markets to enable the deployment of battery storage at a very large scale.
Penso Power's CEO Richard Thwaites said: "Minety is a landmark project for UK battery storage. Its sheer size marks it as the most significant battery storage development in Europe so far, dwarfing other battery developments in scale and ambition.”
“It shows that storage will play a more substantial role in the UK energy market as we continue our path towards Net Zero.”
23 March 2020