Finance

Equitix-led consortium invests $675M in UK BESS developer, targets 1 GW portfolio

Eelpower Limited joins consortium of public and private sector investors to launch new battery energy storage system (BESS) developer – Eelpower Energy. The developer is targeting final investment decisions on up to 1 GWh of capacity by the end of 2025.

By

Matthew Lynas

Aug 28, 2025

A UK battery storage developer has secured GBP 500 million ($675 million) of public and private sector investment, creating a business spun out from grid-scale storage developer Eelpower Limited.

Eelpower Energy is expected to build, own and operate grid-scale battery storage assets and aims to deliver over 1 GW of new battery storage projects for the UK grid.

The BESS developer has been created by a consortium led by international investor Equitix, joined by Australian pension fund Aware Super and the United Kingdom’s National Wealth Fund (NWF) – a sovereign wealth fund whose sole shareholder is the UK Treasury. The NWF has committed to invest up to GBP 200 million in Eelpower Energy, according to Equitix. An Equitix spokesperson confirmed to ESS News that the investment is for UK projects only.

Eelpower Limited will hold a small minority stake in the new business and its management team has been transferred to the new company. Plans for Eelpower Energy include immediately beginning construction of three BESS projects with combined total capacity of 300 MWh. The developer intends to reach final investment decision status on up to 1 GWh of capacity by the end of 2025.

In a press release, Eelpower Energy CEO Mark Simon said: “Given the track record of our team in this sector I am confident that Eelpower Energy, supported by the powerful consortium of investors led by Equitix, will accelerate the rollout of flexible energy storage assets across the country that are so critical to delivering the UK’s decarbonization goals.”

UK government Chancellor of the Exchequer Rachel Reeves said the NWF investment will deliver long-term economic growth and create jobs for the future. “Upgrading the grid will help to bring down bills, support well paid jobs, and put more money in working people’s pockets,” said Reeves.

Equitix CEO Hugh Crossley said the investment “reflects our shared confidence in the long-term value of the sector.”

“Our consortium brings deep expertise in infrastructure investment, a proven ability to deliver complex energy projects, and attractive risk weighted returns,” said Crossley.

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Matthew Lynas
Matthew Lynas joined pv magazine as features editor in 2023. An experienced business-to-business journalist, Matthew is responsible for features in our monthly global print title. Previously, he served as editor of a leading UK retail magazine, covering a broad range of issues including sustainability projects in the grocery and FMCG sectors.
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