CIP Divests 50% Stake in Scottish Battery Storage to AXA
COPENHAGEN (Reuters) -Clean energy fund manager Copenhagen Infrastructure Partners (CIP) said on Monday it had agreed to divest a 50% stake in a battery energy storage system in southern Scotland to French insurer AXA's alternative investment arm.
CIP will continue to oversee the Coalburn 1 project, a 500 megawatt (MW) lithium-ion battery energy storage system, throughout its construction and even after its expected commissioning in early 2026, it said in a statement.
As renewable energy production increases, energy storage is becoming more critical to ensure power supply during peak hours, regardless of fluctuating wind or solar conditions.
Wind and solar power now constitute approximately one-third of Europe's energy mix which has driven demand for batteries to provide backup.
The Coalburn 1 project is set to become the biggest of its kind in Europe, CIP said. A spokesperson declined to disclose the value of the deal.
The project has secured revenues through a 10-year optimisation agreement with SSE, alongside a 15-year capacity market agreement.
(Reporting by Louise Breusch Rasmussen, editing by Stine Jacobsen)
