NatPower Announce a £10 Billion Boost for UK Green Energy
Thursday, 04 April 2024
In welcome news for the UK’s green energy sector, renewables developer NatPower announced on Tuesday that they intend to channel £10bn ($12.85bn) into the industry.
As a subsidiary of the broader European NatPower Group, the UK-based start-up have revealed plans to license three large-scale battery storage "gigaparks" by the upcoming year, with an additional 10 set to follow by 2025.
The company aims to build over 60 gigawatt-hours of energy storage capacity by 2040, which would constitute 15 - 20% of the UK’s overall capacity.
In line with the UK's ambition to achieve 100% carbon-neutral electricity by 2035, NatPower UK have designated over £600m for substation development to expedite the integration of renewable energy into the national grid.
CEO Stefano D.M. Sommadossi (NatPower UK) also commented on the company’s plans to invest in the energy distribution network, specifically by upgrading substations to meet at least 15–20% of the new energy demands.
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He highlighted these early investments as pivotal steps to advance the next stage of the renewable energy transition, emphasising that these actions will not only ease the process, but also help in reducing the cost of energy for consumers.
All the above is part of the strategy at NatPower UK to tackle any obstacles that could hinder investment in renewable energy.
In August last year, a report from Electricity Networks Commissioner, Nick Winser, stressed the need for significant improvements across the entire grid upgrade process to facilitate clean energy growth.
At the time of writing, investments and the transition to net-zero emission have stalled, with renewable projects involving wind and solar power facing grid-connectivity delays of up to 15 years.
However, CEO of NatPower Group, Fabrizio Zago, said that the expressed confidence that the company’s initiative would expedite the UK's journey towards net-zero emissions.
He also conveyed his readiness to collaborate with both institutions and industry partners to enhance the efficiency of the energy production system, highlighting the collective effort required to achieve these ambitious goals.