CIP sells 50% stake in Scottish battery storage system to AXA
COPENHAGEN, April 28 (Reuters) - Clean energy fund manager Copenhagen Infrastructure Partners (CIP) said on Monday it had agreed to divest a 50% stake in a battery energy storage system in southern Scotland to French insurer AXA's (AXAF.PA), opens new tab alternative investment arm.
CIP will continue to oversee the Coalburn 1 project, a 500 megawatt (MW) lithium-ion battery energy storage system, throughout its construction and even after its expected commissioning in early 2026, it said in a statement.
As renewable energy production increases, energy storage is becoming more critical to ensure power supply during peak hours, regardless of fluctuating wind or solar conditions.
Wind and solar power now constitute approximately one-third of Europe's energy mix which has driven demand for batteries to provide backup.
The Coalburn 1 project is set to become the biggest of its kind in Europe, CIP said. A spokesperson declined to disclose the value of the deal.
The project has secured revenues through a 10-year optimisation agreement with SSE (SSE.L), opens new tab, alongside a 15-year capacity market agreement.
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