Fund manager Copenhagen Infrastructure Partners (CIP) announced that it has partnered with utility-scale solar and energy storage company Amberside Energy (AE) for 2 GW solar and battery storage projects in the UK.
The partnership will focus on local community engagement and maintain industry-leading ESG standards. The projects they undertake will be delivering local and regional socio-economic benefits.
As per the agreement, CIP's Flagship Funds will provide the capital for project development. The aim will be to have a portfolio of scale which, over the time, will have projects under development, under construction, and in operation. The projects are expected to make significant contribution to UK's net zero targets by providing affordable power at competitive rates, and by decarbonizing energy production.
Meanwhile, Amberside Energy will continue to lead origination and development activities for the solar and battery storage projects.
Speaking about the partnership, Partner at CIP Radu Gruescu said, "We look forward to a successful partnership with Amberside Energy for the development of a significant pipeline of clean-energy projects that will help accelerate the UK's energy transition to 'net zero' greenhouse gas emissions by 2050. UK solar and battery storage have become increasingly competitive in recent years and are now some of the most cost-efficient technologies, contributing to enhancing grid flexibility, resilience and increasing the overall security of supply. We look forward to working closely with AE's highly experienced team to deliver projects that in addition to clean power at competitive prices also generate investment, jobs, and socioeconomic benefits."
Meanwhile, Founder and CEO of Amberside Energy Marc Scambler said, "We are delighted to form a partnership with CIP. Together, we will be able to accelerate the energy transition in the UK at scale. Our origination and development efforts are well underway, and our proprietary grid model combined with experience gained from auditing and asset managing such schemes helps maximise the efficiency of the development process. We expect our first projects to be ready to begin construction in the next two years and to deliver significant benefits to the communities who host them as well as generating sustainable green power for many years ahead."