Battery storage asset manager SWGT has signed a long-term optimisation agreement with EDF for its 30MW utility-scale battery.
EDF if to optimise the asset across a variety of grid flexibility schemes as well as through its trading platform Powershift. It will ensure access to all revenue streams available, including the wholesale market and grid services such as Dynamic Containment.
The deal includes a floor price to ensure minimum income levels are guaranteed, a feature EDF lauded as an “industry first” when it first introduced it in an optimisation deal with Anesco. It is now a regular part of EDF’s optimisation offering, and was also part of a deal signed with Zenobe to optimise a 59MW portfolio earlier this year.
Adam Clarke, commercial lead at EDF, said the deal it has offered SWGT creates "an attractive revenue stream" with the floor price providing "bankable reassurance".
EDF has increasingly been looking to cement its position in the battery storage market, having acquired battery storage and electric vehicle charging firm Pivot Power in 2019. Last month, it invested in cleantech startup Power Up, which aims to extend the lifetime and optimise the performance of lithium-ion batteries using measure, act, predict (MAP) technology.
SWGT, meanwhile, has a pipeline of 180MW, claiming to be "becoming one of the UK's largest independent battery storage asset owners, developers and operators".
Olivia He, chief investment officer at SWGT, said the project is "testimony to the resilience of the energy transition fuelled by innovation and a strong appetite for renewable energy from investors".