Oct 13 2022
Balance Power and TagEnergy announce milestone partnership
• TagEnergy and Balance Power partner to build, own, and operate 500MW of new energy storage projects in the UK
• The partnership will see TagEnergy become the majority owner of the projects
• An investment of over £300m will be required to deliver the projects over the next four years
• The partnership will expand TagEnergy’s existing UK portfolio of over 300MW of projects under construction or ready to be built, and bolster Balance Power’s growing pipeline
TagEnergy and Balance Power today announce they have signed a framework agreement to build, own, and operate 500MW of the Balance Power pipeline. The partnership will drive the UK forward on its journey to establish a clean, secure energy system, and will require investment of over £300m to build the projects over the next four years.
Renewable energy developer and investor TagEnergy is continuing its push into the UK energy storage market. The partnership will increase TagEnergy’s current portfolio of over 300MW of ready-to-build or under construction battery projects by an additional 500MW at different stages of development.
Independent energy specialist, Balance Power, has a further 300MW contracted and part delivered, and an additional 1GW of projects in its development pipeline. Specialising in solar, battery storage, and peaking technologies, Balance Power has been leading the way in decentralised energy projects since 2017, working with landowners, communities, and councils in the UK to decarbonise in line with national targets. The agreement will deliver Balance Power’s first operating energy storage projects. In 2020 Balance Power sold its 34MW of operating gas peaking projects to Sterling and Wilson.
Phil Thompson, CEO of Balance Power says: “We are delighted to partner with TagEnergy on these projects. We have a shared vision for the market and the team has a successful track record in delivering and operating projects which complements our own expertise and skill in project development.”
Franck Woitiez, CEO of TagEnergy, says: “This agreement is increasing significantly TagEnergy’s pipeline and strengthens our goal to connect more sustainable, competitive and clean power to the national grid and accelerate the energy transition. We are delighted to partner with Balance Power which has a strong track record of development in the UK.”
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.
TagEnergy is a clean energy enterprise for a new era in the renewable energy industry. It was formed in 2019 to accelerate the energy transition through creating competitive and clean power stations. TagEnergy is part of the Impala SAS Group, also supported by major investors Mirova and Omnes and operated by a team of managers-shareholders. Its operations span the renewables value chain, from development, financing, construction and asset management of wind, solar and storage projects, to commercialisation of its competitive energy. TagEnergy has developed a portfolio of more than 3GW in the UK, Portugal, Spain, France and Australia, based on solar, wind and battery storage technologies.