Europe’s New 5 GW Renewable Energy & Storage JV

• Source Energie of the UK and Galileo of Belgium have launched a JV called Source Galileo
• It will develop over 5 GW solar PV, wind and energy storage capacity, with only onshore format for solar
• Projects will be installed across the 3 European markets of the UK, Ireland and Norway

UK based renewable energy developer Source Energie and Belgium's Galileo have announced a new joint venture (JV) Source Galileo to develop more than 5 GW offshore and onshore renewable energy and energy storage projects across Ireland, Norway and the UK.

This will include onshore solar PV and energy storage projects to supply clean energy to the UK either through 'direct injection' or via storage batteries. The Source Galileo team has already established an initial pipeline of approximately 1 GW of solar PV and storage facilities in the UK.

For wind energy, the JV will deploy both onshore and offshore facilities in all target markets. They expect the size of projects in the pipeline to be between 500 MW and 2 GW. Energy generated from wind turbines will either be exported directly or as green hydrogen.

While Source Energie claims to have led over 15 GW of wind and solar PV projects globally, Galileo counts its active pipeline of solar PV, wind and storage projects as over 6 GW, spread across 7 European nations. The latter is backed by institutional investors Infratil Limited, the Commonwealth Superannuation Corporation (CSC), the New Zealand Superannuation Fund (NZ Super Fund) and Morrison & Co Growth Infrastructure Fund (MGIF).

"The complementary strengths of Source Energie and Galileo make us very confident for the next phase of expansion of our joint business, in the context of energy supply across Europe requiring larger volumes from renewables, higher levels of energy independence and better price affordability."