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NextEnergy Solar Fund Ltd on Wednesday said it is consulting with its shareholders to amend its investment policy and increase its energy storage activities. The specialist solar investment company with 91 solar power projects in the UK said it proposes increasing its storage systems limit to 25% of gross asset value from its current 10% limit, which was £1.26 billion as at September 30. It said this would enable it to take advantage of existing energy storage opportunities in the UK via its relationship with EelPower Ltd, complementing and diversifying its existing solar assets portfolio. NextEnergy outlined four other reasons for this: citing energy storage benefits from the intermittency of renewables production, a particularly important consideration as the UK National Grid forecasts UK energy storage capacity to increase to up to 20 gigawatts by 2030 from 1.6GW in 2021; and that the co-location of batteries with solar assets multiplying benefits and cost savings, particularly important during peak output when solar plants generate more than it is necessary for grid injection purposes. This was alongside claiming that NextEnergy is well positioned to capitalise on the UK energy storage space; and arguing that energy storage generates revenues via multiple pathways, particularly from solar volatility and the provision of ancillary stability/flexibility services to the grid, providing easy adaptability to market changes. Shares in NextEnergy were up 0.3% to 108.73 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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