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Thursday, 27 October 2022

GCC can’t stop, won’t stop

Abdul Latif Jameel Energy’s FRV acquires two battery storage projects in the UK: Spain-headquartered Fotowatio Renewable Ventures (FRV) has acquired two battery energy storage (BESS) projects in the UK with a combined capacity of up to 100 MW, it said in a statement yesterday. FRV — a subsidiary of Saudi solar PV developer Abdul Latif Jameel Energy and Environmental Services — bought the projects from UK utility scale solar and battery project developer RE Projects Development (REPD). No information was given on the acquisition ticket size.

The BESS plants are scheduled to enter the ready-to-build phase in 3Q 2023, the statement says, although the cost of the new plants’ construction remains unclear. UK-based renewables developer Tyler Hill Renewables is also “assisting in the development process,” the statement says. When completed, they will be connected to the grid and able to import and export energy.

The acquisition adds to FRV’s growing BESS portfolio: FRV currently has five battery energy storage projects in various stages of construction and development with a combined capacity of 340 MW, according to the statement. FRV undertook a joint venture with Tyler Hill Partners to create a platform — FRV TH Powertek Limited — to design, construct and operate a portfolio of battery storage systems in the UK earlier this month.

BACKGROUND- It’s all part of the wider spending spree of GCC investment in western green assets, from the US to Europe and even Australia. We’ve seen a slew of these investments and acquisitions in the past several weeks, including from the UAE’s Mubadala, GCC-focused alternative asset manager Wafra, Kuwait’s Agility Ventures, and the QIA (here and here).

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