The UK Infrastructure Bank plans to invest up to £265 million (US$331.45 million) in energy storage development in the UK, in partnership with British Gas owner Centrica Plc.
In a statement, Centrica said: “The Bank will invest £75 million on a match funding basis into the Gresham House Secure Income Renewable Energy & Storage LP (SIRES) alongside a £65 million investment from Centrica.”
Another part of the deal will see the UK Infrastructure Bank invest £125 million of match funding into Equitix UK Electricity Storage Fund.
Centrica said it was the Bank’s first investment in electricity storage, and “could facilitate around 1300 jobs and will unlock at least a further £200 million in match-funded private sector capital.”
