Jul 13 2023
Balance Power and TagEnergy announce first project in joint venture.
TagEnergy secures majority stake in Rectory Farm battery storage project to build, own and operate with developer Balance Power.
Global renewable energy enterprise TagEnergy and leading independent energy developer Balance Power will now progress to build, own and operate the 30MW battery storage project Rectory Farm in Worcester.
The deal is the first initiative in the pair’s joint venture struck in October last year to deliver 500MW of Balance Power’s pipeline with an investment of more than £300m over four years.
This first acquisition comes after the respective teams concluded their initial due diligence. Balance Power secured planning approval for the development from Wychavon County Council earlier this year following extensive community engagement. Expected to be energised in 2024, the Rectory Farm battery project will contribute to the region’s energy security and wider net-zero goals.
Phil Thompson, CEO at Balance Power, said: “Rectory Farm marks an exciting beginning to implementing our joint venture with TagEnergy, and showcases our strong working relationship to date and shared ambition to accelerate the energy transition in the UK.
Franck Woitiez, CEO of TagEnergy, said: “Gaining planning approval for this first project in our joint venture was a key step in building our pipeline, triggering our agreement for TagEnergy to take majority equity in Rectory Farm and strengthening our goal to connect more sustainable, competitive and clean power to the national grid, helping the UK decarbonise sooner.
“We are delighted to partner with Balance Power which has a strong track record of developing renewable energy projects in the UK.”
Specialising in a mix of renewable technologies, including solar PV and battery storage, Balance Power has now taken 35 energy projects through to planning consent, delivering 426MW of capacity to the grid. With a further 1200MW+ of projects under development, Balance Power has a strong pipeline nationwide.
As TagEnergy continues to push into the UK energy storage market, the joint venture with Balance Power will increase TagEnergy’s portfolio of 450MW of ready-to-build or under-construction battery projects by an additional 500MW at different stages of development.
Balance Power has led the way in decentralised energy projects since 2017, working with landowners, communities, and councils in the UK to decarbonise in line with national targets.
About Balance Power:
Balance Power has been helping the UK transition to a decarbonised grid since the company was founded in 2017.
Specialising in solar, battery storage, and peaking technologies, Balance Power works nationally with landowners, communities, and local authorities to bring about a fundamental shift in how the UK produces and uses power in line with national targets.
Its tailored energy solutions help balance demand as the UK moves to a greener, more flexible energy system.