Next Energy Solar partners with Eelpower in new £200m JV

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NextEnergy Solar Fund Limited Red

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Solar and energy storage investor NextEnergy Solar Fund said on Monday that it had "advanced its position" in the energy storage sector through a new £200.0m joint venture partnership with Eelpower.

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NextEnergy Solar stated the joint venture reflected the "successful relationship" it had built with Eelpower, offering enhanced terms by increasing its ownership to 75%, with its partner holding the remaining 25%.

The London-listed stock also highlighted that the new JV was separate from the duo's existing £100.0m partnership, with the first 50MW battery storage project delivered by the maiden agreement currently under construction in Scotland and expected to be energised and grid-connected in the first half of 2023.

Chairman Kevin Lyon said: "Battery storage is a vital technology in increasing the penetration of renewables in the UK. NESF has made excellent progress expanding and diversifying into this technology through its relationship with Eelpower.

NESF has created a unique opportunity to become a key player in this space, whilst enhancing the existing portfolio of solar assets. Pending shareholder and FCA approval, NESF can further diversify and offer investors continued exciting growth prospects."

As of 0825 BST, Next Energy shares were up 0.27% at 118.92p.

Reporting by Iain Gilbert at Sharecast.com