[ad_1]
Europe may need up to 200 GW of storage capacity by 2030 if it is to meet its renewable energy targets
Masdar, one of the fastest growing renewable energy companies in the world, aims to reach a total capacity of 100 gigawatts by 2030, with ambitions to double it over the next few years.
Masdar announced on Tuesday that it has acquired Arlington Energy, a UK-based developer of battery energy storage systems (BESS). The acquisition will enable Masdar to expand its presence in the UK and European renewable energy markets and support countries in achieving net-zero emissions targets.
Headquartered in London, Arlington Energy has a proven track record of developing, building, operating and financing flexible energy solutions, having brought more than 170 megawatts (MW) of assets into operation over the past two years. Masdar’s acquisition of Arlington Energy will enable the development, construction, operational management and financing of the BESS project under one Masdar-Arlington platform.
Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “Masdar and Arlington Energy have long been convinced that greater investment in energy storage is needed if countries are to expand their renewable energy portfolios and achieve net-zero emissions targets. Investment is critical. Working together, we will be able to deliver a more resilient and flexible energy resource, help accelerate the clean energy transition in the UK and other European countries, and support our expansion of offshore wind and our broader renewable energy portfolio s hard work.”
Arlington Energy co-founder and director Matthew Clare said: “Partnering with Masdar allows us to accelerate the rollout of BESS in the UK and will position us as a leading energy storage platform. With Arlington’s experience in procurement, construction and operations management BESS Combining with Masdar’s global capabilities in renewable energy is a natural progression.
“As more countries join the UAE and the UK in setting net-zero emissions targets, this partnership creates a business with enormous potential to deliver immediately at scale, both domestically and in other markets.”
According to a recent industry report, Europe could need as much as 200 gigawatts of storage capacity by 2030 if it is to meet its renewable energy targets. According to National Grid, the UK alone may need as much as 50 gigawatts of storage capacity to meet its target of net-zero carbon emissions by 2050. BESS solutions provide flexible energy to the grid, help overcome the intermittent challenges of renewable energy, and allow energy to be released during periods of peak demand, helping to ensure system security while reducing costs to consumers.
In addition to acquiring Arlington, Masdar intends to increase investment in offshore wind and other renewable energy projects in new and existing markets, including the UK. Masdar is already a leading investor in UK offshore wind, with stakes in the London Array, one of the world’s largest offshore wind farms; Dudgeon Offshore Wind Farm off the coast of Norfolk; and Hywind Scotland, the world’s first Commercial scale floating wind farm.
Masdar, one of the fastest growing renewable energy companies in the world, aims to reach a total capacity of 100 gigawatts by 2030, with ambitions to double it over the next few years. In December 2021, the UAE government announced that Abu Dhabi energy champions TAQA, ADNOC and Mubadala will join Masdar as shareholders to create a true global clean energy powerhouse that will be a major force in renewable energy and green hydrogen.
[ad_2]
Source link