Norwegian Statkraft and redT, a U.K.-based specialist in energy storage infrastructure solutions, announced a partnership on Tuesday to provide fully-financed behind-the-meter solar and energy storage infrastructure projects in the U.K. for commercial and industrial customers.
According to separate press releases issued by the companies, the first fully-financed and 100 percent renewable energy solution for U.K. corporates will enable savings up to 20 percent on their energy costs by installing redT flow machines alongside solar PV at their sites.
Under the partnership, Statkraft will provide a 25-year structured corporate power purchase agreement (PPA) for solar and energy storage, alongside a 100 percent renewable supply agreement from subsidiary Bryt Energy for the remaining energy required from the grid.
In addition, Statkraft will provide flexibility optimization services using their in-house virtual power plant (VPP) to maximize value for the customer, and redT will provide energy storage machines, fully integrated with solar and designed and operated in accordance with its infrastructure business model.
'This solution is focused on low-risk energy savings, maximizing the use of low-cost solar on customers' sites and reducing exposure to volatile energy prices and solar price cannibalization,' Statkraft’s statement read.
The initial phase of the partnership is to target up to 10 megawatt peak (MWp) of solar and 6 megawatt-hour (MWh) of energy storage, scaling over 3 years to 100MWp of solar and 60MWh of energy storage, it added.
Andy Cooper, head of U.K. Downstream for Statkraft said the partnership with redt would provide an attractive combination of renewable energy and long-duration energy storage for their customers.
'We believe our funded solution really enables customers to take advantage of more zero-carbon renewable energy, matching it to when it is needed most.
'The partnership with redT enables Statkraft and Bryt Energy to offer additional options that will benefit customers, incorporating storage, renewable energy solutions, advanced asset optimization and trading within a VPP,' he added.
Scott McGregor, CEO of redT said: 'With this rollout of low-cost solar coupled with heavy cycling, non-degrading flow machine technology, we are accelerating the deployment of 'energy storage 2.0', providing low-risk infrastructure returns to commercial energy users, and creating an effective, low-risk hedge against rising energy prices for the next 25 years.'
By Hale Turkes