Green Investment Group (GIG) has signed a joint development agreement (JDA) with Bluestone Energy to develop up to 2GW of battery storage projects in the UK.

GIG, a specialist green investor within Macquarie Asset Management, said that the projects representing 970MW are currently in early-stage development, with grid connection offers in place, and the pipeline is growing steadily.

The portfolio is said to add to the battery storage portfolio and leverages the in-house expertise of its Global Energy Technology team.

GIG energy technology global head Greg Callman said: “GIG’s partnership with Bluestone Energy is an exciting step for us in the market, and we look forward to generating even more opportunities to accelerate the deployment of this critical technology.

“Bluestone’s considerable expertise and GIG’s global experience make for a strong partnership that can drive forward the UK’s storage industry.

“Energy storage clearly plays a critical role in the energy transition. This partnership leverages our mutual experience and expands Macquarie’s global portfolio in this important sector.”

According to GIG, the proportion of intermittent wind and solar capacity in the generation mix is estimated to increase to 60% to meet the UK’s 2050 net-zero target by 2030.

Last year, the company has acquired a portfolio of 187MW/187 MWh development-stage utility-scale, distribution-connected battery storage projects in the UK from Capbal.

The 40MW/40MWh project in Maldon was the first project in the portfolio to reach a financial close in December last year.

GIG, in partnership with ENGIE and Fluence, has also announced plans to deliver Australia’s largest privately-funded and fully committed battery storage project.

The project is planned to be constructed at the site of the former Hazelwood Power Station in the Latrobe Valley, Victoria, Australia.

GIG is engaged in the development of companies, assets and technologies that aim to accelerate the global transition to net-zero

Bluestone is a UK-based provider of professional services within the high voltage (HV), and extra-high voltage (EHV) electrical distribution industry.