British bank energy storage supply

Which UK Infrastructure Bank has invested £75 million?

The Bank will invest £75 million on a match funding basis into the Gresham House Secure Income Renewable Energy & Storage LP (SIRES) alongside a £65 million investment from Centrica. UK infrastructure Bank has committed to invest £125 million on a match-funding basis into Equitix UK Electricity Storage Fund.

Why is the bank investing in energy storage?

The investment strongly aligns with the Bank’s net zero mandate, helping to provide the energy storage necessary to support the rapid scale up of renewables, as set out in the British Energy Security Strategy. National Grid forecast that up to 29 GW of storage could be needed by 2030 and up to 51 GW by 2050 – up from around 5 GW today.

Who are the UK Infrastructure Bank & Centrica investors?

The £300 million funding round was led by the UK Infrastructure Bank (UKIB) and the British multinational energy and services company Centrica, alongside a syndicate of investors including Rio Tinto, Goldman Sachs, KIRKBI and Mosaic Capital.

Could 20 GW of LDEs save the energy system £24 billion?

Analysis has found that deploying 20 GW of LDES could save the electricity system £24 billion between 2025 and 2050, reducing household energy bills as additional cheaper renewable energy would be available to meet demand at peak times, which would cut reliance on expensive natural gas.