UK’s Low Carbon sells 6 GW Dutch battery storage portfolio
UK-based renewables developer Low Carbon has sold 6 GW of battery energy storage projects in the Netherlands to Dutch developer and operator of grid-scale energy storage S4 Energy, a subsidiary of global commodities trader Castleton Commodities International.
The portfolio, which was developed by LC Energy – a joint venture of Low Carbon and Dutch engineering company QING – includes early-stage, mid-stage, and advanced-stage developments. Financial details of the deal were not disclosed.
“This is a huge moment in Europe’s energy transition. Low Carbon were one of the early pioneers in the Dutch renewables market and the delivery of one of the largest utility-scale battery storage portfolios in the market to CCI will act as a critical enabler for the Dutch grid once built,” said Roy Bedlow, Low Carbon’s Founder and Chief Executive.
Low Carbon describes the deal as “one of the largest ever investments in vital battery storage capacity in the renewables sector globally,” noting that the portfolio will play a critical role in upporting the Netherland’s climate goals by allowing more renewables to be delivered to the grid. KPMG Deals acted as the exclusive M&A advisor to LC Energy on the sale of the portfolio.
Mohit Singh, principal in CCI’s European Principal Investments team, said: “This investment marks a transformative step for our platform, S4 Energy, and brings us closer to our objective of establishing a fully integrated, pan-European battery energy storage system platform. This transaction underscores our commitment to that vision and highlights the crucial role energy storage will play in facilitating decarbonization.”
S4 Energy is currently constructing four, 4-hour medium voltage projects in the Netherlands, all scheduled to become operational in 2025.
With its existing assets and planned buildout, S4 Energy is poised to become a leading owner and operator of battery energy storage systems projects in Europe, with a cumulative pipeline of around 7.5 GW. That includes a fully permitted 2 GWh battery energy storage system in Groningen, the biggest such project in the Netherlands.