- Green Investment Group (GIG) announced the launch of Eku Energy, a global platform to develop and own battery energy storage assets.
- GIG has already been active in battery storage markets in the UK and Australia.
On Monday, Macquarie Asset Management’s Green Investment Group (GIG) announced the launch of Eku Energy, a global platform to develop and own battery energy storage assets. The new company aims to develop, build, and manage assets, revenue sources and contracting structures across a diversified base of markets. All projects in the pipeline will be financed with a combination of equity and debt.
GIG has already been active in battery storage markets in the UK and Australia. Its existing activities will be wrapped up into Eku Energy’s business, meaning the developer begins life with GIG’s projects. Two projects under construction in its portfolio are a 40MW/40MWh battery energy storage system (BESS) project in Maldon, Essex, in England, which GIG acquired as part of a seven-project 187MWh transaction in June 2021, and a 150MW/150MWh BESS at a former fossil fuel site in Victoria, Australia. The Maldon project achieved financial close in December 2021, the same month construction began in Victoria.
Chris Morrison, Eku Energy interim CEO, said, “As the world races towards net zero, the challenges around the energy transition are shifting. We’ve proven we can produce renewable energy at a low cost, and now we need to deliver the smart, flexible energy system that will support the electrification of the global economy. Battery storage is critical to maximising the role of renewables in our energy mix by enabling the delivery of dispatchable clean energy.” The pipeline’s value is about US$2 billion. Once relevant regulatory approvals are in place, the company will open offices in London, Melbourne, Sydney, Singapore, Tokyo, and Taipei.