Amber Infrastructure Group (‘Amber’, the ‘Group’), the specialist international infrastructure investment manager, is pleased to announce it has reached commercial close on the development of a 50MW/100MWh utility-scale battery energy storage project (the ‘Project’), located in Skelmersdale, West Lancashire. The Project will deploy Megapack, Tesla’s large-scale lithium-ion battery technology, and is expected to be operational before the end of 2022.
Amber has been responsible for the Project development and funding including the arrangement of a bespoke co-investment. The Group will also be responsible for the asset management of the battery, leveraging its sustainable energy team’s experience in owning and operating investments in UK energy infrastructure.
The battery will be optimised by Tesla’s autonomous trading platform Autobidder, and will support highly flexible energy trading capabilities across a variety of electricity markets as well as providing grid balancing services to system operators. Batteries will be a key tool in enabling the realisation of the UK electricity grid operating at net zero by 2025 as their fast acting and flexible energy input/output is extremely well-suited to managing intermittent renewable energy production. Aside from enabling higher renewable generation onto the grid, battery storage is expected to reduce the current costs of operating the electricity system, creating a cost benefit to consumers as well as earning its investors an attractive return. The parties expect to bring together their complimentary skill sets on future similar projects, targeting an additional 200MW/400MWh.
Giles Frost, Chairman of Amber Infrastructure Group, said:
“We are pleased to begin construction on this significant new battery project in collaboration with Tesla. The project is well timed and well located to support the ongoing changes in the UK’s energy mix.“
“This investment also complements Amber’s other investments in the sustainable energy space which encompass the range of renewable energy generation, transport and storage. All these initiatives support Amber’s continuing ambition to be both an active developer as energy markets transition and an active creator of investment assets with strong ESG attributes. ”
For further information:
Amber Infrastructure Limited
Erica Sibree/Amy Edwards
+44 (0)20 7939 0558/0587
Amber Infrastructure Group
Amber Infrastructure (‘Amber’) is a specialist international investment manager, focused on investment origination, asset management and fund management. With approximately €5 billion in funds under management, Amber invests across seven funds and a number of managed accounts. Amber’s core business focuses on sourcing, developing, advising, investing in and managing infrastructure assets across the public, transport, energy, digital and demographic infrastructure sectors that support the lives of people, homes and businesses internationally.
Amber is headquartered in London with offices in Europe, North America and Australia and employs over 150 infrastructure professionals.