Funding to build more than 3GWh of battery energy storage projects by 2025
Penso Power, the originator and developer of Europe’s largest operational battery storage scheme (the 100MW Minety project in Wiltshire) has signed a joint venture agreement with BW Group, the global maritime group with interests in shipping, infrastructure, energy and digital connectivity. The agreement will see BW commit capital to fully fund the build-out of Penso Power’s pipeline of more than 3GWh of large-scale battery storage projects in the UK over the next 3-5 years, including projects up to 350MW in connection capacity.
Under the agreement, Penso Power and BW Group will become joint shareholders at the battery project level. BW Group will also invest directly into Penso Power to become a significant shareholder with Erik Strømsø, Managing Director of BW Renewables and a member of BW Group’s Executive Committee, joining Penso Power’s board of directors.
Richard Thwaites, Chief Executive of Penso Power said: “We are delighted to have forged this important partnership with BW Group, not only one of the world’s leading maritime and energy companies but an organisation with the highest standards of governance and a strong sustainability agenda. With BW Group as our partner, we will accelerate the development and construction of our UK project pipeline, which currently exceeds 3GWh, and explore further project opportunities in the UK and overseas.”
Commenting on the strategic significance of the investment, Richard Thwaites added: “We consider energy storage to be a key enabler of the energy transition. BW Group’s commitment is a coming of age for the UK battery storage market: a blue-chip international company deploying very significant amounts of capital to build a substantial portfolio of large-scale battery storage projects in the UK. We view the deal – considerably larger than anything else seen in the UK to date – as transformational for ourselves and indeed the UK market.”
Erik Strømsø, Managing Director of BW Renewables said: “We are excited to be investing in Penso Power, one of the pioneers of the UK battery energy storage space. BW has a long history as an investor in the energy value chain and a growing portfolio of sustainable energy investments, including offshore wind, floating wind and solar. We first invested in battery energy storage in 2013 with a shareholding in Corvus Energy, which is the world’s leading supplier of batteries to the maritime industry, and we remain strong believers in the technology as an enabler of the sustainable energy transition.”
“We were motivated to invest in Penso given the calibre of the management team, their track record in utility-scale battery storage development, and their commercial success with the Minety project. Following this first investment into the UK energy storage market, we look forward to working in partnership with Penso Power to deploy a large portfolio of further projects.”
Penso Power was advised by the law firm CMS Cameron McKenna Nabarro Olswang. BW Group was advised by the law firm Bird & Bird.
BW Energy Storage Systems:
BW ESS is a leading global investor within the Battery Energy Storage Systems space, with a sizeable portfolio in the United Kingdom and an investment focus that also spans Europe, Australia, and the United States. The company is part of BW Group, which is a global energy and maritime company with a growing portfolio of clean energy investments, including solar, offshore wind and biogas. BW Group’s operational headquarters are in Singapore, and the company has had a strong presence in Scandinavia for the past 20 years.
For media enquiries, please contact:
Penso Power
W: pensopower.com
Richard Thwaites, CEO:
E: richard.thwaites@pensopower.com
Paul Taylor, Taylor Keogh Communications:
E: paul@taylorkeogh.com
BW Renewables
W: bw-group.com
Erik Strømsø, Managing Director:
E: erik.stroemsoe@bw-group.com