Currently headquartered in Billericay, Xlinks intends by 2029 to be importing into north Devon the first renewable energy from solar and wind farms in southern Morocco.

Once completed, Xlinks’ clean generation combined with battery storage is expected to supply 3.6GW of affordable, reliable power, meeting approximately 8% of Britain’s current electricity needs.

Its generation and batteries will be connected exclusively to Britain via twin 3,800km HVDC sub-sea cables.  Scotland’s government last year pledged £9 million to re-purpose Hunterston B, the defunct Ayrshire nuclear power station, as a factory making the cables.

Working to its mission “The Energy to Change the World”, Massachusetts-based GE Vernova Financial Services is GE’s recently formed investment division for energy projects.

It joins Octopus Energy as well as Octopus founder Greg Jackson, as investors in Xlinks. Other stakes include £25 million from Abu Dhabi’s national utilities managers TAQA, and participation by TotalEnergies.

GE Vernova was set up in 2022, following General Electric  announcing the previous November its intention to split into three publicly traded companies. The following year, GE named them as GE Vernova, GE HealthCare and GE Aerospace.

It has deployed what it calls “sizeable capital” into projects worldwide through development financing, direct equity investments, and capital raising from private & public financial institutions.

Scenarios constructed by Britain’s independent Climate Change Committee see UK electricity demand as potentially doubling by 2050, to 600 terawatt-hours. Against that background Britain’s government has acknowledged Xlinks’ potential.  D-ESNZ are developing an outline business case.

James Humfrey, CEO of Xlinks First, the megaproject’s financing arm, said: “Bringing in an investor of the calibre of GE Vernova represents a further strategic step in the Morocco–to-UK power project’s development, as we progress the project across several fronts.

“Xlinks is committed to meeting the UK’s need for reliable, affordable, zero-carbon energy while maximising the socio-economic benefits of the project in Morocco.”

For GE Vernova Financial Services, CEO Nomi Ahmad answered: “We are pleased to be part of the Morocco – UK Power Project, as collaboration across the energy sector is key to ensuring that more affordable, renewable energy is delivered to help meet the UK’s electrification demands and help the nation meet its net zero goals.”

INTEREST DECLARED: The author was educated close to Billericay.

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The arrangement with Close follows the announcement that the Reading-based company has just completed a major equity raise of £65m. This gives Enviromena funding of up to £270m to facilitate the build out of its ever-growing pipeline.

In addition to the 500MW target, Enviromena will also utilise the funding to grow its self-developed ground mount solar pipeline to more than 2GW by 2025.

The firm says its pipeline is already looking strong, with over 400MW of projects set to be submitted into planning in the next six to nine months.

The funding will also enable the company acquire ready-to-build, fully consented solar projects from third parties to help turbo charge its growth plans.

Headquartered in Berkshire and with a regional office in Italy, Enviromena delivers transformative clean energy solutions across Europe. It vaunts more than 15 years’ global experience in developing, designing, constructing, managing and operating ground-breaking renewable energy projects.

Enviromena has already constructed over 120 solar farms in the UK and is set to announce the commencement of works on over 150MW of solar, include many due to commence in 2024.

Christina Allen, the developer’s chief legal officer added: “We are delighted to complete on this facility with Close Brothers. We have worked extremely hard to bring this together and create a long-term relationship allowing us to focus on growing the business and to build out our extensive pipeline. We are looking forward to working with Close over the coming years as we continue to contribute to the UK’s Net Zero ambitions.

Enviromena CEO Chris Marsh said: “Close Brothers have a strong track record in the renewables industry, so we are delighted to announce this latest arrangement.

“Enviromena is committed to leading the transition to a world powered by clean energy by providing safe, affordable, and reliable clean energy solutions to customers across the UK and Europe.

Richie Kidd, head of sales for Close Brothers’ energy team, commented that “working closely with Enviromena for a number of years, we’re delighted to support the team in providing facilities that will allow them to grow their portfolio in both the construction and acquisition of projects.”

Pictured is the developer’s Bryngwyog solar farm in Wales.

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Deep Green’s business model seeks to recoup the high intensity heat used in running data centres. Its technology means this energy doesn’t go to waste and instead is used to provide free heat for energy-intensive organisations like leisure centres. By teaming up with Deep Green, a public swimming pool in Devon was able to slash its pool heating bill by over 60%.

In return, Deep Green gets free cooling which provides it with a significant competitive edge over traditional data centres. This allows it to offer more affordable, highly energy-efficient computing to businesses across the UK.

Deep Green’s customers require data centre processing for a range of uses including AI, machine learning, video rendering or cloud applications. Deep Green’s current customers include York University, and the company has signed partnerships with industry suppliers Civo and Alces Flight who offer the servers to their customers.

Installed on-site, Deep Green data centres in for example swimming pools, don’t require additional grid upgrades or planning permission so can be up and running in a matter of weeks.

The investment is made via Octopus Energy Generation’s dedicated Octopus Energy Transition Fund (OETF) and the Sky (ORI SCSp) fund which it manages.

Zoisa North-Bond, CEO of Octopus Energy Generation said: “To tackle the energy crisis head-on, we need innovative solutions to unusual problems. By using excess heat from data centres to slash energy bills for communities across the UK, Deep Green solves two problems with one solution. We’re looking forward to them rapidly rolling this out and positively impacting even more people as we drive towards a cleaner, cheaper energy future.”

Mark Bjornsgaard, founder and CEO of Deep Green, commented: “We are thrilled with Octopus’s commitment to support our next phase of growth. Placing data centres within the fabric of society transforms the waste heat they produce into a valuable resource that benefits communities.

“The data centre sector is rightly facing scrutiny about its growing energy demand and associated carbon emissions. Our data centres are highly energy efficient and support local communities with free heat.”

OETF launched in 2023 to scale companies in fast-growing sectors decarbonising society, from heating, to storage, low carbon transport and more. Octopus has also backed ground-source heat pump company Kensa Group through this fund.

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In a policy programme dubbed CCUS Vision, energy secretary Claire Coutinho wants increasing numbers of storage providers to compete in the embryonic technology, as they offer capacity and deals to industrial producers of CO2.

Launched today, the package of policies is part of emerging promotion of CO2 storage, backed over coming decades with £20 billion of public money.

Coutinho believes CCUS Vision can add £5 billion to the economy by mid-century. Her goal is a fully competitive storage market by 2035, featuring tradable CO2 products with sophisticated features.

In this decade alone, D-ESNZ believes CCUS will create 5,000 jobs in handling and trading the pollutant-cum-feedstock, at the same time cutting storage costs to market participants.

International storage trades are also sought, as ministers seek to make Britain a global hub for CO2 transactions, mimicking its established role as a global financial centre.  Early exposure for UK firms in storage trading can, or so ministers believe, give them a first-mover advantage in pricing and settling global deals.

Besides geology and decades of relevant skills acquired in maritime engineering, Britain’s CCUS advantages include, say ministers, a wealth of exhausted gas field such as the re-purposed Rough storage facility under the North Sea, pictured. Our island status offers safe capacity for planet-warming CO2, currently estimated by officials at up to 78 billion tonnes.

The CCUS Vision raft of policies is the government’s latest step in delivering its ambitions in carbon storage.   As part of that overall £20 billion investment, Whitehall has a goal of up to 30 million tonnes of CO2 sequestered every year by 2030.

Details of the CCUS Vision include:

• Moving to a competitive allocation process for CCUS projects after 2026, speeding up the sector’s growth
• Easing market access after 2024 of CO2 projects free of pipelines, using other forms of transport such as ship, road and rail
• Establishing a working group led by industry to identify and adopt solutions to reduce the cost of capturing CO2

Four regional carbon capture clusters are earmarked by ministers to revive Britain’s coastal industrial areas; HyNet in North West England, East Coast Cluster in Teesside and the Humber, Acorn in Scotland and Viking in the Humber.

“Thanks to the UK’s geology, skills and infrastructure, we are in a unique position to lead the way on carbon capture technologies“, energy secretary Coutinho said.

“That is why we’re making one of the biggest funding commitments in Europe on carbon capture that will cut emissions from our atmosphere, while unlocking investment, creating tens of thousands of jobs and growing the UK economy.”

From the Carbon Capture and Storage Association, CEO Ruth Herbert responded warmly.  “We welcome the CCUS Vision published today, setting out a long-term strategy for the UK’s CCUS industry to be able to store over 50Mt a year by 2035 to support the decarbonisation of domestic industries and take advantage of export opportunities.

“It is great to see CO2 transport by ship, road and rail will be enabled from 2025 onwards, which will also support longer-term cross-border CO2 transport solutions.”

More details here.

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The Japanese dual-fuel giant, an investor in the privately held UK firm and recent customer of its Kraken fulfilment technology, is stumping up £190 million seed capital to get more blades spinning.

With a remit starting in Europe to invest in, develop, build and operate marine farms, Octopus’ new Energy Offshore Wind fund intends to create a portfolio worth £3 billion as this decade ends.  Both conventional rooted turbines and their floating sisters moored amid stronger winds will be considered.

Today’s announcement is the next step in Octopus’ plans to unleash £15 billion into wind power.

Octopus first invested in marine farms last year with its stakes in Hornsea One and Lincs in British waters. It then rapidly scaled up its interests, backing one of Europe’s largest farms, Borssele III & IV off the Netherlands.

South Korea, Norway, Sweden, Ireland and Spain have attracted the company’s cash, with commitments to support offshore developers.

With 64 GW of installed capacity globally, offshore wind is already one of the most important renewable sources. It will play a key role in the world’s future energy systems, with forecasts expecting it to increase to 447 GW over the next ten years. They come as one important trade source predicts offshore wind will be a trillion dollar industry by 2030.

Zoisa North-Bond, CEO of Octopus Energy Generation said: “It’s absolutely brilliant to launch our first ever fund dedicated solely to offshore wind investment together with such a visionary partner Tokyo Gas. The potential to make a positive impact, boost energy security and reduce fossil fuels dependence is massive with offshore wind.

“This latest partnership further deepens our relationship with Tokyo Gas. We look forward to welcoming on board more investors so together we can tap into this huge offshore wind opportunity worldwide.”

Kentaro Kimoto, Vice President of Tokyo Gas, said: “Tokyo Gas and Octopus Energy have been providing more customers nationwide in Japan with clean electricity derived from renewable energy sources through TG Octopus Energy. It is our pleasure that our commitment to the Fund is developing and reinforcing the strategic partnership with Octopus Energy for investments in the offshore wind space.

“Tokyo Gas has set a target to acquire and trade 6 GW renewable power sources by 2030. To accomplish this goal, we have proactively taken multifaceted approaches for offshore wind projects, and will accelerate developments of offshore wind, including floating offshore wind.”

Julia Longbottom CMG, British Ambassador to Japan, said: “I am delighted to welcome this significant cornerstone investment from Tokyo Gas into the Octopus Energy Offshore Wind Fund, which will boost offshore wind development in the UK and globally. This is a clear sign of the growing partnership between the UK and Japan on offshore wind, which was further strengthened by the Hiroshima Accord.

“The UK is a world leader in offshore wind, and we are committed to growing this sector even further. I am particularly pleased that this investment is coming from Tokyo Gas, a leading Japanese energy company. Japanese companies are recognising the UK’s potential as a global hub for offshore wind, forming strategic alliances with leading and innovative UK partners like Octopus. They also increasingly recognise the UK’s credentials as an international financial centre and global hub for asset and investment management.

“The UK-Japan partnership on offshore wind is growing in strength every year, and it is playing a vital role in our global efforts to tackle climate change. I am confident that this investment will help us to achieve our shared goals and build a better future for both of our countries.”

This deal further strengthens Octopus Energy Group’s and Tokyo Gas’s strategic partnership who joined forces in 2020 to set up the energy supplier Octopus Energy in Japan.

Earlier this year, Octopus also announced plans to rapidly scale Asia-Pacific renewables investment as well as expanding its Tokyo tech innovation and energy retail hub.

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Environmental business practitioners the Aldersgate Group today publish reports urging stronger, more sustained measures by UK ministers to secure job creation and better inward investment in tomorrow’s industries.

Commissioned by Aldersgate from economists WPI, the two reports are the latest in a line of complaints from Britain’s boardrooms that recent governments have adopted too piecemeal an approach to greening Britain’s economy.

WPI Economics finds that without further policy support for heavy industrial decarbonisation, over £224 billion or 5.9% total gross value added (GVA) could be lost in 2050.

Heavy industries such as glass and cement making, plus their supporting supply chains, are critical to the UK economy, contributing £152 billion in GVA now, and supporting over 1.4 million jobs. across the country, the studies calculate.

Clearer policy signals than Rishi Sunak’s administration currently provides could, say WPI, deliver economic growth across the UK’s regions, increase supply chain security, and protect more than 450,000 jobs and £72bn GVA, all while providing a major economic boost to other sectors across the economy.

A swifter, stronger Whitehall response is vital, say Aldersgate’s industrialists, to international competition such as the USA’s Inflation Reduction Act and the EU’s green industrial strategy.  Both policies debuted in 2021, but have met with inadequate UK response, says the ginger group.

Aldersgate’s second paper outlines what the UK must do to retain investment in the Net Zero transition and maximise economic benefits despite a challenging new economic landscape.

Adding to the urgency are recent reports that despite being a global leader in clean energy investment, the UK has already started to fall behind international rivals.

Last year investment in Britain’s energy transition fell 10%, Aldersgate’s economists note. That’s in stark contrast to the US and Germany, which scored rises of 24% and 17% respectively.

WBI’s research also finds several among the UK’s top ten sectors of national significance to exports are most exposed to trade risks from Biden’s IR Act.

Key asks on the Aldersgate’s wish list of government include

• enacting a UK emissions trading scheme to harmonise with the EU’s equivalent
• lowering high electricity prices for heavy industrial users,
• mandating more green buying by public bodies
• setting out a voluntary Contracts for Difference scheme.
• delivering a robust, comprehensive industrial strategy, favouring sectors offering strategic, climate-accommodating growth

Aldersgate executive director Rachel Solomon Williams said: “Our members are keen to harness the economic opportunity which the Net Zero transition offers in the UK.

“The Government has made positive statements about the need for investment into UK clean industries, but is increasingly falling behind the US and other countries in backing statements up with firm policies and long-term strategies”.

The group’s new research highlights, according to Solomon Williams, both the risks of inaction and the huge benefits that would follow tangible action.

Nick Molho, head of climate policy at institutional investors Aviva, said: “A rapid and comprehensive response is essential if the UK is to remain competitive in the growing global competition for low carbon investment and supply chains and if it is to maximise the energy security, job creation and cost of living benefits of the net zero transition.

“This should include a targeted public funding intervention to crowd in private investment in areas where market barriers persist, and a UK Climate Transition Plan tackling outstanding policy gaps in areas such as buildings, surface transport and heavy industry.”

Read the Aldersgate Group’s new research here  and here.

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Only last year did the generator make its first stake in marine turbines.  It has since taken stakes totalling $ 1 billion in five marine wind farms.

The investment drive will see Octopus, founded by Greg Jackson & colleagues only in 2016, double in size this decade, up to 12 GW of low carbon generation, enough to power a notional 10 million-plus homes.

Its early offshore interests include stakes in Ørsted-controlled Hornsea One, at 1.2GW one of the world’s largest wind farms, as well in its neighbour the 270MW Lincs Wind farm, co-owned by the Danes with Australian infrastructure financiers Macquarie.

In June last year Octopus became the sole owner of the 19MW Borssele V wind farm off the Netherlands, home to two Vestas turbines, at 9.5MW some of the world’s largest.

While focussing on Europe, Octopus sees the world as its oyster. With several deals already in its pipeline, it intends to back projects at all stages of development, from blueprints only to full commercial operation.

Octopus Energy also backs Simply Blue, a developer of floating wind turbines.   Anchored only to floating collars, such structures can tap into strong winds deeper out at sea.

Scaling investment in offshore wind will not only create more clean energy but also numerous job opportunities, the firm believes.  The offshore wind sector will create over 100,000 jobs by 2030 in the UK alone, according to last month’s estimate from trade body the Wind Industry Council.

Zoisa North-Bond, boss of Octopus’ generation division, said: “Offshore wind has already rapidly transformed the UK’s energy system.

“We’re incredibly excited about the potential for this technology globally. We’ve got big plans to invest in even more of these big fans to help wean ourselves off polluting gas.

”Offshore wind will undoubtedly continue to play a pivotal role in meeting Net Zero, boosting energy security and driving down bills,” North-Bond added.

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SSEN Transmission’s biggest ever programme of network investment linking ScotWind’s turbines to land has already made 400 new roles in 2022. It’s on track to make 500 more this year, the company says.

Centred in Scotland’s north, the posts are forerunners of SSEN’s planned 9,000-job expansion in the devolved nation, under the gridco’s ‘Pathway to 2030’ blueprint.  South of Hadrian’s Wall, a further 11,000 will follow.

The investment programme’s goals include connecting before 2030 as much as one fifth of Britain’s intended total 50GW of offshore wind, a target endorsed by Westminster & Holyrood.

Several subsea links and grid reinforcements onshore are the core of SSEN’s announced upgrades under the Pathway, needed to meet UK and Scottish government targets for energy security and to fight climate change.

Billions in added value to the UK’s regional and national economies are anticipated to flow from SSEN’s Pathway blueprint.   Analysis by consultancy BiGGAR Economics calculates total likely benefits at £6 billion, including £2.5 billion of direct benefit to Scotland.

Technical jobs at all levels will be created, many of them providing a route for workers shifting their skills out of legacy oil and gas operations.  Roles in customer and stakeholder engagement will accompany switches in  engineering skills.

Ministers either side of the border welcomed SSEN’s commitment.   Graham Stuart MP, Westminster’s energy security minister declared:  “SSEN Transmission’s Pathway to 2030 programme is a significant investment in the future of Scotland and the rest of the United Kingdom.

“This £6.2 billion economic will deliver long-term and well-paid jobs, while helping Britain achieve home grown energy security and an electricity network fit for the future.”

The £10 billion of spending reinforces, says SSE Group, its Net Zero Acceleration Programme (NZAP), presaging still greater investment. As much as £40bn could materialise in the next decade, directly tackling climate change and alleviating the UK’s energy crisis.

Holyrood’s energy secretary Neil Gray MSP spoke up too for SSEN’s plan : “Scotland needs to invest in our grid infrastructure if we are to enable full utilisation of current renewable generation, and to realise the enormous potential of further deployment.

”Infrastructure must be s delivered at the most efficient cost to consumers. Local communities must be fully engaged to derive lasting benefits

“I look forward to the SSEN Transmission Pathway to 2030 Programme progressing at pace”.

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The increasingly global cleantech group made the announcement as prime minister Rishi Sunak arrived in Japan yesterday to attend the G7 economic summit.  Octopus’s Zoisa North-Bond is pictured with the PM at a reception in Tokyo.

The company plans to invest £1.2 billion into solar and wind generation in the region. Half that sum will go into Japanese renewables.

A further £300m is earmarked to expand Octopus’s tech innovation and energy retail hub in Tokyo. The hub has contributed to development of Octopus’ tech platform Kraken.  Increasing local staff tenfold by 2027 could create as many as 1,000 green jobs for UK and local talent, the company said.

Japan is now Octopus’ second largest market after the UK. Through a two-year old joint venture with Tokyo Gas, the company serves nearly 200,000 retail customers, and targets millions more.

The move could also boost the firm’s British generation assets. It is looking to Asia-Pacific investors and others to raise £400 million by 2028 to build more UK wind and solar farms, and strengthen supply chains.

Japan’s clean energy intentions include boosting offshore wind capacity by 150 GW this decade and pushing solar capacity to more than 1 TWp.

The parties stressed the key role played in the deal by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade agreement, recently signed by the British government.  According to Octopus, it provides UK companies with increased protection and opportunities in member states.

Octopus founder Greg Jackson said: “International cooperation is the key to creating an energy transition which benefits consumers and economies as well as the climate.

“Our partnership with Tokyo Gas has grown ever stronger.  Linking our businesses in Australia, New Zealand and Singapore to the UK and Europe, our operations in Japan have helped create a unique global technology ecosystem benefiting everyone. I’m excited to take it even further with today’s announcement.”

Julia Longbottom, Britain’s ambassador in Japan, welcomed the deal.  “This investment demonstrates Octopus Energy’s strategic foresight and commitment to sustainable development, and is a vote of confidence in Japan’s vast and largely untapped renewable energy potential.

“Japan’s renewable energy market is ripe for investment. Now is the right time for British companies to step up collaboration with our Japanese partners, bringing together our shared expertise and commitment to green energy.

“The launch of our newly-forged UK-Japan renewable energy partnership marks a significant milestone in our bilateral collaboration; one that could set the stage for a boom in renewable energy projects in Japan. As we navigate this new era of energy transition, I am confident that UK companies, exemplified by Octopus Energy, will play an integral role in shaping a sustainable and prosperous future for the UK and Japan.”

The two nations share a bi-lateral Framework Agreement on renewables and offshore wind. It enables both countries to collaborate in innovation, capitalising on the immense potential of offshore wind power.

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Highlights from 2022’s audited results include:

• Pipeline of yet-to-be built storage facilities grown to 2GW
• £150 million of gross new equity, 50% up on 2021’s funds raised
• Lengthening to £335 million lines of credit from lenders, 86% up on 2021

By this January, the fund was earning fees from 550MW of new operational storage, a rise in twelve months of nearly 30%.

Eight more projects in ample amp accommodation are expected to be lit this year, adding 477MW of new operating capacity.  As new sites begin construction, ground will be broken on an expected 670MW more.

After full year 2022’s books were closed, 2023’s first quarter saw one 40MW project added to the fund’s working roster.  After delays in achieving grid connection, two 50MW ventures at West Didsbury and Penwortham are said to be close to being commissioned.

With a claimed share of 30%, chairman John Leggate’s operation believes it is Britain’s market leader in UK battery investment.   Today’s figures beat the management team’s own budget expectations for 2022.

This year’s working target of 1GW will be surpassed, GRID told its backers, with 1.5GW achieved by the end of next year.

The fund’s technologists are aiming for longer working life for its batteries, to seize growing opportunities to trade electricity, the company told investors.

Newly awarded Capacity Market contracts and at least one portfolio revaluation are expected to add significantly to 2023’s asset growth, it said.

“Following GRID’s strong trajectory in 2022, the company has set its ambitions higher going into 2023, chairman John Leggate CBE assured its investors.

Early birds who participated in the fund’s initial public offering in 2018 have seen their money grow 17% per year, annualised.

The fund recruited in 2022 to deepen its involvement in grid connection processes, Ben Guest, fund manager at GRID and managing director of sister company Gresham House New Energy said.

“We are very excited about 2023 as we drive portfolio and NAV growth from projects in construction becoming operational,” Guest went on. “We continue to build our international pipeline and explore incremental opportunities to deliver revenue from the company’s portfolio”.

GRID expects to raise its 2023 dividend by 5%, to 7.35p per share. More details here.

By late morning the fund’s shares had risen 1.15% on the LSE’s main market.

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A full 92% of firms large and small worldwide report that expensive electricity & gas threaten their competitiveness & profitability, according to answers from 2,300 companies.

Stripping carbon out of operations & greening the enterprise has taken a back seat as managers rush to control short-term costs, the international survey found.

34% have suffered lower profit margins, and nearly 20% have reduced output & cancelled staff hires, the survey found. 14% have planned or enacted job cuts.

There’s one silver lining, though. The drive towards energy self-sufficiency has seen more firms maximising on-site generation & efficiency.

Looking to the near future, a fifth of firms say post-Covid surges in power bills is delaying launches of new products, or harming technical support for existing output.

One firm in eight is pondering moving production to countries with lower energy costs.  Though not named in the survey, renewables-rich destinations like Portugal or Norway offer European possibilities here.

ABB’s Electrification division sponsored the research.  Its president Morten Wierod said volatility in energy costs threatens to put back the necessary switch to electricity by half of the world’s transport, buildings and industry by 2050.

“We can’t stand by as this happens”, writes Wierod. “The world is counting on industry, which accounts for more than half of total greenhouse gas emissions, to deliver on climate change commitments. As leaders, we collectively need to step up to that challenge”.

On-site generation and power storage, and more energy audits are among solutions ABB recommends, while power costs stay high.

• UK staff in energy utilities are the least happy among workers in 29 British industrial sectors, a separate study has found.

Pollsters Reboot Online probed 2,500 British staff on their work’s effects on factors including their career prospects, salary, empowerment, work culture and mental health.

Lab workers and pharmaceutical scientists emerged happiest, ahead of creatives in design and performance.  Utility engineers came bottom, behind call centre workers and sales staff. Less than 3% of British energy workers feel good about the recognition their employer gives them.

Polling boss Shai Aharony stressed the need to build workplace cultures which value workers. Hers does so by means including giving staff five days pay for a four-day week. Increased productivity and heightened happiness have resulted, Reboot Online has found.

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Harmony Energy Income Trust, which invests in UK battery energy storage, announced its 11 MW / 22 MWh Broadditch project in Kent has now been successfully switched on.

The device close to the A2 near Gravesend is due to be in full operation this month.

As Harmony’s second grid-scale storage device to be energised, Broadditch takes the trust’s total working capacity to 109MW/218 MWh.

Tesla oversaw construction of the project for developers Harmony Energy.

Autobidder, Tesla’s algorithmic trading platform, will host Broadditch’s operations and monetisation, as it also has since November for Europe’s biggest network scale battery, Harmony’s Pillswood 98MW/196MWh project, pictured, near Hull.

The investors today paid tribute to Autobidder’s strong track record over two years in operating its Holes Bay and Contego projects, two ventures also developed by Harmony Energy, with partners.

Meanwhile Downing Renewables & Infrastructure Trust announced they’d paid £5.1 million for two hydropower plants in Sweden, bringing the trust’s stock of dams in the country to 28.

The first acquisition is a c. 2.5 GWh  recently renovated 107 year old plant at Högforsen, on the Gillerån river.  The second is a c. 6 GWh hydropower plant in the municipality of Gottne, located on the Moälven river. Transfer of title on the second deal is due to be completed this month.

The acquisitions bring annual output from Downing’s managed Swedish hydropower plants to an average of 197 GWh.

Tom Williams, the trust’s head of energy & infrastructure said: “We are excited not only by the potential of these two attractive acquisitions but also the other well advanced projects in our near term pipeline.

“Hydropower is a crucial source of renewable power in the energy transition thanks to its storable quality which helps reduce price volatility and maximises the value of the energy stored for both end users and our investors”.

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