Freeths advises Cambridge Power on 985MW battery storage and co-located solar pipeline
The Freeths Clean Energy team is thrilled to have advised Cambridge Power Ltd on its framework with Brookfield Renewable, one of the largest owners and operators of clean energy assets globally.
Cambridge Power has agreed with Brookfield to develop on an exclusive basis more than 800-MW of battery storage and 185-MW of co-located solar PV projects over the next five years. As part of this agreement, Brookfield will provide significant capital to construct the portfolio. This will support the continued growth of renewable energy in the UK and assist National Grid in balancing intermittent renewable generation and other variability on the GB electricity system.
Cambridge Power will manage the construction and operation of the assets with projects commencing construction in 2022 and expecting to reach energisation in 2023.
Richard Stanton, Chairman of Cambridge Power says: “This partnership represents a terrific opportunity for Cambridge Power to develop and operate one of the UK’s leading BESS and solar PV portfolios.”
Ignacio Gómez-Acebo López, Vice President of Brookfield Renewable, said: “As owners and operators of one of the largest clean energy businesses in the world we are excited to collaborate with Cambridge Power and contribute to the UK’s transition to Net Zero. Our Framework Agreement offers the opportunity to invest in a significant pipeline of BESS and co-located solar opportunities with a leading developer.”
Clare King, Head of Freeths Clean Energy team said: “Battery storage and solar PV have a crucial role to play in the UK’s journey to net zero and we are absolutely delighted to have supported Cambridge Power on this important deal for the delivery of a significant portfolio of those assets. During 2021, the Freeths Clean Energy team advised on a number of significant transactions and we were thrilled to round out the year by reaching successful close on another. It was a pleasure working with Giles Hanglin and the rest of the Cambridge Power team, and with Brookfield and their advisers. We look forward to another busy year in the exciting world of clean energy projects.”
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