Norway-based renewable energy company Magnora ASA announced it has invested in the development of a 60MW solar PV project and a 40MWh Battery Energy Storage System (BESS) project in the UK. This investment represents Magnora’s first step in entering the UK market for solar and battery storage services.
As planned, Magnora will advance the projects with a local development partner to construction maturity, at which point the projects will be divested. The local development partner has a 10 year track record of developing energy projects in the UK, including PV and BESS projects.
Over the next 12 months, Magnora will focus on optimizing the projects from an ecological and technical point of view, securing planning permission and cost-effective grid connection, and preparing the sales process.
We are very pleased to be taking our first step into the attractive UK solar PV and battery energy storage markets, leveraging our experience from Sweden where we have successfully built a portfolio of development stage solar energy projects through our stake in Helios Nordic Energy AWAY. We will continue to monitor further opportunities and, subject to successful development in this first step, will consider further investments in the UK solar PV and BESS market.
—said Erik Sneve, CEO of Magnora ASA.
The UK has a legally binding target to meet a net-zero economy by 2050. According to reports from the Committee on Climate Change, a total solar capacity of 40 GW is expected by 2030. In the first six months of 2022, the UK saw 80% growth in new solar PV installations year-on-year, with an installed capacity of 556 MW, compared to the same period last year.
On the other hand, batteries play a crucial role in the UK’s modern flexible energy system, helping grid operators to fine-tune power supply to meet demand and providing additional resources when needed, for example for frequency response.