Lynher Energy has acquired rights to build two solar battery farms, with an aggregate capacity 96MWh, and two independent battery facilities, with an aggregate capacity of 100MWh, at adjacent sites in the United Kingdom. Lynher Energy is a joint venture between Ethical Power and Napier Park Global Capital, and it focuses on developing and managing the generation of battery-storage and power generation facilities.
Demand for electricity is expected to continue growing, driven in part by increasing electrification of the broader economy. The demand for energy generated by renewable energy sources is increasing even faster than overall energy demand. Countries including the United Kingdom and several other governments in Europe have committed to decreasing carbon emissions and reaching net zero carbon emissions from energy production by 2050.
Chris Sparrow, principal at Napier Park, said this investment helps to fill the gap between the required energy transition and the investment, which is necessary to achieve net zero carbon emissions aimed at addressing the climate crisis successfully.
Ethical Power is one of the few vertically integrated solar energy companies in the United Kingdom with capability across the complete project lifecycle, and Ethical Power is well-positioned to apply deep industry expertise and skills required to construct, design, and maintain complex solar energy projects like this.
Both Ethical Power and Napier Park expect to invest further in the assets, and to fund additional important projects in Europe and the United Kingdom.
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