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Balance Power and Tag Energy have signed a framework agreement to build, own and operate around 500MW of battery storage projects in the UK.
Tag Energy will become the majority owner of the projects, which are at various stages of development and will be built over the next four years at a cost of £300 million.
The projects will add to the company’s existing portfolio of more than 300MW of energy storage that is ready to build or under construction.
The partnership will deliver Balance Power’s first operational energy storage projects. It has a further 300MW of battery storage projects that are ready to build, plus another 1GW in its development pipeline.
Franck Woitiez, chief executive of Tag Energy, said: “This agreement is increasing significantly Tag Energy’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.”
Balance Power chief executive Phil Thompson said: “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.”
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