Low Carbon secures funds to begin constructing UK solar and battery portfolio

LONDON (Reuters) – Renewable energy company Low Carbon said on Tuesday it had secured the necessary funding for a 385 megawatt (MW) portfolio of solar and battery storage projects in Britain, enabling it to begin construction.

Most of the projects will start construction early this year and are part of a 3 gigawatt pipeline of solar and battery storage projects in Britain, the company said.

The solar projects will have a combined capacity of 290 megawatts and are expected to power the equivalent of 85,000 UK homes. The 95 MW of battery storage projects will be located at the sites of the solar projects.

Battery storage enables energy from renewables to be stored and released when power is needed the most.

Low Carbon’s chief investment officer Steve Mack said the projects will contribute towards Britain’s target of achieving net zero emissions by 2050 and the company’s own aim of delivering 20 GW of new renewable energy capacity by 2030.

(Reporting by Nina Chestney; Editing by Kirsten Donovan)