National Wealth Fund backs energy initiative

THE National Wealth Fund has partnered with two investment firms as part of a £500m initiative to bolster the UK’s battery storage infrastructure.

- SAMUEL NORMAN

The alliance - featuring infrastructure asset manager Equitix and Australian pension fund Aware Super - will “build, own and operate grid-scale battery storage assets” through an investment in developer Eelpower Energy.

Chancellor Rachel Reeves championed the battery storage as a means to “help bring down bills” and create employment opportunities.

Energy Minister Michael Shanks stated the expansion of battery storage assets would drive the government's ‘Clean Power’ mission.