EU greenlights BCI's investment in new BESS platform Eku Energy (2024)

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By Cameron Murray

Europe

Grid Scale

Business

EU greenlights BCI's investment in new BESS platform Eku Energy (1)

The European Commission has cleared an investment by Canadian pension fund BCI into Eku Energy, a new utility-scale BESS platform launched by Macquarie last year.

The deal was approved last week (10 March) by the Director-General for Competition at the EC, the EU’s executive arm. Global investor Macquarie only launched Eku Energy in November last year through its Green Investment Group (GIG) arm, reported by Energy-Storage.news at the time.

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That was quickly followed by Canada-based pension fund manager British Columbia Investment Management Corporation (BCI) announced it was acquiring an interest in Eku Energy in January 2023. The EC’s approval described the deal as the two firms acquiring “…joint control over the whole of the undertaking…” of Eku Energy.

The new platform has 190MWh of projects in late-stage development with a total pipeline of 3GWh in the UK, Australia, Japan, and Europe.

The 190MWh refers to projects which were already in development by GIG prior to forming Eku which were wrapped into the new entity alongside the 3GWh pipeline. Those are a 40MW/40MWh BESS project in England it acquired in June 2021 and a 150MW/150MWh BESS at a former fossil fuel site in Australia.

Financial terms of the deal or Eku Energy were not disclosed in the companies’ announcements. However, the EC’s minimum size threshold for looking at deals in this way is spelt out in this document.

Speaking in January, interim CEO of Eku Chris Morisson said: “We are delighted to receive the backing of BCI. BCI’s investment recognises the quality of our team and platform, as well as the size of the opportunity for battery storage technology as the shift to clean energy accelerates.”

“We look forward to working with teams from Macquarie Asset Management’s Green Investment Group and BCI as we develop our global pipeline of opportunities in battery storage and establish Eku Energy as a leading contributor to the energy transition.”

The company’s Head of Technologies EMEA Andy Hadland was amongst the speakers at last month’s Energy Storage Summit in London, where he discussed the question of revenues for grid-scale BESS projects.

Read more of our coverage from the Energy Storage Summit 2023.

For more information and to register for next year’s 9th edition of the Summit, taking place 21, 22 February 2024 in London,visit the official website.

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EU greenlights BCI's investment in new BESS platform Eku Energy (2024)

FAQs

What is green energy investment? ›

Green energy stocks represent companies developing alternative technologies using renewable resources like sunlight, wind, heat, low-impact hydroelectric sources, and certain forms of biomass. These companies aim to minimise pollution and carbon emissions while reducing reliance on fossil fuels.

Where is EKU energy headquarters? ›

Eku Energy's headquarters is located at 28 Ropemaker Street, London.

Is it safe to invest in green energy? ›

Putting your money into green energy mutual funds is an excellent method to ensure your investments reflect your principles. These funds focus on companies leading in renewable energy and clean technologies, enabling you to contribute to climate change solutions while possibly achieving strong financial returns.

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Solar panels, wind turbines or equipment to generate hydroelectricity are all very tempting options but how much money can they save you? The truth is that generating your own energy can actually earn you money as well as save it. Are you looking to work in the renewables industry?

Is green energy worth the investment? ›

Financial Gain: Make some green while investing in green

Over 10 years, renewable energy outperformed fossil fuel, generating returns of 192.3% compared to 97.2%.

What do you mean by green investment? ›

Green investing seeks out investment opportunities that also benefit the natural environment. One major destination for green funding is renewable energy technologies, such as wind, solar, and hydropower.

What does it mean to buy green energy? ›

It represents those renewable energy resources and technologies that provide the greatest environmental benefit. Within the U.S. voluntary market, green power is defined as electricity produced from solar, wind, geothermal, biogas, eligible biomass, and low-impact small hydroelectric sources.

How does energy investment work? ›

There are two ways to invest in renewable energy: either by buying the equities or bonds of the electricity or utility companies supplying the energy, or of the companies making components for the equipment that is needed to create power.

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