NatPower is committing £10 billion to the UK’s green energy sector
NatPower UK has revealed plans to invest £10 billion ($12.9 billion) into enhancing the United Kingdom’s energy storage infrastructure.
NatPower UK extends its hand to the green energy industry
Last week, the British startup, a subsidiary of the larger European energy conglomerate NatPower Group headquartered in Luxembourg, declared its prompt initiation of endeavors directed towards fostering the energy storage domain within the UK.
The rollout will commence with three “GigaParks,” slated to obtain concessions in 2024, followed by an anticipated ten more the following year. Alongside this record-breaking investment, NatPower UK intends to allocate over £600 million ($770.6 million) towards constructing substations. These substations aim to mitigate grid bottlenecks, which pose a significant hurdle to the nation’s transition to sustainable energy.
Stefano Sommadossi, CEO of NatPower UK, remarks, “Through prioritizing investment in substations and energy storage, we are poised to facilitate the upcoming phase of the energy transition, ultimately leading to decreased energy expenses for consumers.”
The investment will contribute to faster decarbonization of the British economy
The company’s announcement outlined plans to construct an energy storage infrastructure exceeding 60 gigawatt-hours by 2040, which will account for 15-20% of the UK’s energy requirements. Investing in storing energy generated from renewable sources is regarded as a crucial component in the effort to decarbonize the British economy. The initial two projects are slated for the north of England, with the third planned for the western region. Specific addresses for these projects have not yet been disclosed.
The infrastructure is set to be established on industrial land and via lease agreements with farmers. NatPower UK also intends to participate in the expansion of large-scale solar and wind energy infrastructure in the upcoming years. Further elaboration on these plans will be provided later this year.
Source: smart-energy.com