GridBeyond Storage funds behind-the-meter BESS across UK, Ireland

Triodos Energy Transition Europe Fund is pumping €11.25 million into its 50/50 joint venture with Ireland-headquartered renewables company GridBeyond. The two entities first entered a partnership, called GridBeyond Storage, in 2022 to roll out behind-the-meter (BTM) battery energy storage systems (BESS) across the UK and Ireland.

Following the latest funding boost, GridBeyond Storage will deliver BESS solutions to two sites, City West and Ballycoolin, both in Dublin, Ireland. Both sites are data centers owned by Keppel DC REIT, a Singapore listed company. The strategy includes the installation and management of a 2 x 2MW/2.2MWh battery at the City West site and a 4MW/6.1MWh battery at the Ballycoolin site. Altogether, the two projects will add 8 MW of flexible capacity to the grid ahead of the winter peak demand period.

An 8.3 MWh BESS asset in Scotland is currently under construction, due for commissioning in Jan. 2025. It is located at glass company O-I Glass’ premises in Alloa, in Scotland. It will incorporate a supporting energy management system (EMS), powered by artificial intelligence.

GridBeyond’s latest investment from Triodos will also enable it to explore other new opportunities, such as behind-the-meter (BTM) solar PV and electric vehicle (EV) charging projects for commercial and industrial customers. 

Michiel van Beek, Head of Project Equity at Triodos Investment Management, said the upcoming phase of the partnership between the two firms will be a “highly promising development” for investors and fund partners.

“The potential addition of BTM solar PV and EV charging projects further strengthens our portfolio with innovative technologies that align with the global push for decarbonization, offering strong risk-adjusted returns,” he added.

The joint venture’s first project has been operational since March 2023, and is located at CareyGlass in County Tipperary, Ireland. The 1.1 MWh BESS asset provides CareyGlass, a glass processing company, with a secure energy storage option to serve as a backup in the event of a power outage.

According to GridBeyond’s Deputy CEO Richard O’Loughlin, the Dublin, Ireland-based company’s partnership with Triodos has enabled it to deliver BESS solutions for industrial and commercial energy users in Ireland. A recent report by Cornwall Insights projected Ireland’s battery energy storage fleet will grow to reach 13.5 GWh by 2030, up from a capacity of 2.7 GWh in 2025.

“It’s great to have the opportunity to deliver further flexible energy across the UK and Ireland to support the energy transition to a net-zero future,” O’Loughlin said of GridBeyond Storage’s plans.

“As more renewables are integrated into the energy market, batteries are a great asset, which can provide our industrial and commercial customers with more resilience, mitigate risk of power interruption, support grid connection challenges and ultimately deliver value for our customer, also through cost savings and carbon reduction.”