redT partners with Statkraft on first fully financed UK solar + storage product
Further to the announcement made on 14th March, redT energy plc (AIM:RED), the energy storage solutions company, is pleased to announce it has signed heads of terms to partner with Statkraft, Europe’s largest generator of renewable energy, to provide a fully financed ‘solar plus storage’ solution to UK commercial and industrial (‘C&I’) customers. This is the first time a solar plus storage product, financed under a Power Purchase Agreement (‘PPA’) model has been offered to the UK market.
As a fully financed solution, UK C&I energy users will be able to benefit from up to 20% forecast savings on their energy costs over a 25 year PPA agreement, by installing solar panels and redT flow machines at their sites, without the need to pay upfront capital. By combining redT’s energy storage infrastructure with a long term corporate PPA for the solar and storage, provided by Statkraft, customers can benefit from energy savings based on maximising the use of low cost solar power and reducing exposure to volatile energy prices. In addition, customers will also be able to access flexibility optimisation services via Statkraft’s in-house Virtual Power Plant (‘VPP’).
The initial phase of the partnership will target the deployment of 10MWp of solar PV and 6MWh of energy storage, with the aim of scaling to 100MWp of solar PV and 60MWh of flow machines (800 redT tank units) over the next 3 years.
Andy Cooper, Head of UK Downstream for Statkraft said:
“We are excited to be working with redT energy to provide an attractive combination of renewable energy and long-duration energy storage for our customers – we believe our funded solution really enables customers to take advantage of more zero-carbon renewable energy, matching it to when it is needed most. Statkraft is committed to being the leading partner for clients seeking to better utilise renewable energy and maximise the value of flexibility. The partnership with redT enables Statkraft and Bryt Energy to offer additional options that will benefit customers, incorporating storage, renewable energy solutions, advanced asset optimisation and trading within a VPP.”
Neil O’Brien, Executive Chairman of redT said:
“We are pleased to be partnering with Europe’s leading renewable energy generator and optimisation expert in Statkraft. Together we are breaking new ground in the energy industry with this unique, fully financed decentralised energy solution designed specifically for the UK C&I sector to reduce energy costs.
With this roll out of low cost solar coupled with heavy cycling, flow machine technology, we hope to accelerate the deployment of energy storage providing low risk energy savings to commercial energy users, and creating an effective, hedge against rising energy prices”
Update on Strategic Review
Further to the announcement on March 14th concerning the commencement of the Strategic Review, the Board is pleased to report that discussions with potential strategic investors are progressing well and further information will be provided to shareholders in due course.
About redT energy
redT energy plc are experts in energy storage, specialising in the design, manufacture, installation and operation of energy storage infrastructure which creates revenue alongside reliable, low-cost renewable generation for businesses, industry and electricity distribution networks.
redT’s energy storage solutions, developed over the past 15 years, address today’s changing energy market by providing a flexible platform for time shifting surplus renewable power, securing electricity supplies and earning revenue through grid services. The company has customers in the UK, Europe, sub-Saharan Africa, Australia and Asia Pacific. redT energy plc is listed on the London Stock Exchange (AIM:RED) and has experts located in the UK, Europe, Australia, Africa, Asia and the USA. For more information, visit www.redTenergy.com
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