The company said it will drive over £10bn of investment into the UK’s energy transition as it develops the nation’s largest portfolio of clean power storage, adding that 60GWh of battery storage will provide 15-20 per cent of the energy storage needed in Britain by 2040.
Large-scale solar and wind projects will follow later this year to support the UK’s ability to deliver 100 per cent renewable power by 2035.
In a statement, Stefano D. M. Sommadossi, CEO at NatPower UK, said: “The UK is unrivalled in its resources, skills, policy and potential, and ambitious leaders, government, investors, lenders, and developers will get us where we need to go.
“The energy transition is not only the fastest way of providing cheaper, cleaner and more secure sources of power, but it is also a staggering opportunity for economic growth.
“The UK has the unique chance to transform itself into an energy transition powerhouse, generating tens of thousands of highly qualified jobs, with the City of London becoming a central player in managing the $5tn of investment needed every year until 2030 globally, to make the energy transition a reality.”
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The company’s first three GigaParks will be submitted for planning permission in 2024, with 10 more following in 2025. £600m is earmarked for the development of substations in this initial phase to help overcome grid bottlenecks and connection delays.
NatPower UK asserts that batteries are needed to store energy for use during time of peak demand or when renewable power is not available. The company added that they also help to reduce curtailment, where wind or solar projects are paid to stop generating power when supply exceeds demand, which could cost the country £3.5bn a year by 2030.
Sommadossi said: “To solve the bottlenecks that are slowing the shift to clean energy, we will drive investment into the grid itself, collaborating with grid operators to deliver more than 20 per cent of the new substations required.
“By investing in substations and focusing on energy storage first, we will enable the next phase of the energy transition and bring down the cost of energy for consumers. We plan to deliver the benefits of the energy transition to all corners of the UK and our portfolio will play a big part in the UK achieving 100 per cent of its targets.”
NatPower UK is part of NatPower Group, a global energy transition developer delivering 30GW of natural power assets across three continents, with a presence in the UK, USA, Italy, and Kazakhstan.
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