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TagEnergy secures £376m investment to accelerate renewables pipeline delivery

TagEnergy CEO Franck Woitiez (pictured) said the funding underpins the company's rapid growth. Image: TagEnergy.

TagEnergy CEO Franck Woitiez (pictured) said the funding underpins the company's rapid growth. Image: TagEnergy.

Clean energy firm TagEnergy has secured a €450 million (£376 million) investment to drive the initial delivery of its 2.7GW global pipeline - including projects in the UK.

The pipeline spans five countries; Spain, Portugal, France, Australia and the UK, with TagEnergy's operations spanning the renewables value chain, from development, financing, construction and asset management of wind, solar and battery energy storage systems (BESS).

The new funding comes from TagEnergy majority shareholder Impala SAS Group, as well as private equity and infrastructure investor Omnes and French sustainable asset manager Mirova. Each is to invest €150 million.

“This significant investment will underpin our rapid growth as we scale our operations to speed the transition to more sustainable, competitive and clean power sources,” TagEnergy CEO Franck Woitez said.

In the UK, TagEnergy is involved in the BESS space, partnering Harmony Energy for 100MW of BESS in 2021, the same year it acquired a 99.9MW BESS from RES.

As of December 2021, TagEnergy’s secured portfolio in the UK totalled 270MW/540MWh.

Impala is to remain the main shareholder in the company with the largest stake under the new shareholding structure, while Mirova and Omnes each hold a minority share.

Recent battery storage developments in the UK market include the latest frequency response service from National Grid ESO – Dynamic Regulation – going live last week. It follows the success of the Dynamic Containment service, which became a lucrative source of revenue for BESS assets following its launch in late 2020.

Meanwhile, a record amount of battery storage cleared in the latest T-4 Capacity Market auction at over 1GW, with this auction also clearing at a record high of £30.59/kW/year.

Recent research from LCP found that the Capacity Market is set to "come into play" for BESS asset owners, with this partially due to the reliability of the revenue stream, with 15-year contracts on offer, and the increasing move towards two-hour durations.

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