NatPower pledges £10bn to UK’s green energy sector

Renewables developer NatPower UK has pledged to drive £10bn ($12.85bn) of investment into the UK’s green energy sector in a surprise vote of confidence for the under-pressure industry.

The UK-based start-up, part of larger European energy group NatPower Group, said on Tuesday it will license three ‘gigaparks’ – huge battery storage projects – by next year, with ten more to come by 2025. The company said that, by 2040, it will develop more than 60 gigawatt-hours of energy storage, making up 15–20% of the UK’s total capacity.

NatPower added that more than £600m has been allocated to the development of substations to help speed up the connection of renewable power to the country’s grid and meet its target of 100% zero emissions electricity by 2035.

NatPower UK CEO Stefano D.M. Sommadossi said: “To resolve the constraints that are slowing down investments in renewable energy, we will make investments in the energy distribution network, upgrading the substations for at least 15–20% of new requirements. By investing in substations early on and focusing on energy storage systems, we will facilitate the next phase of the clean energy transition, thereby reducing the cost of energy for consumers.”