{"id":74532,"date":"2022-10-27T02:00:18","date_gmt":"2022-10-27T02:00:18","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/10\/27\/gcc-cant-stop-wont-stop\/"},"modified":"2022-10-27T02:00:18","modified_gmt":"2022-10-27T02:00:18","slug":"gcc-cant-stop-wont-stop","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/10\/27\/gcc-cant-stop-wont-stop\/","title":{"rendered":"GCC can\u2019t stop, won\u2019t stop"},"content":{"rendered":"

<\/a> Abdul Latif Jameel Energy\u2019s FRV acquires two battery storage projects in the UK:<\/strong> Spain-headquartered Fotowatio Renewable Ventures (FRV<\/a>) has acquired two battery energy storage (BESS) projects in the UK with a combined capacity of up to 100 MW, it said in a statement<\/a> yesterday. FRV \u2014 a subsidiary of Saudi solar PV developer Abdul Latif Jameel Energy and Environmental Services<\/a> \u2014 bought the projects from UK utility scale solar and battery project developer RE Projects Development (REPD<\/a>). No information was given on the acquisition ticket size.<\/p>\n

The BESS plants are scheduled to enter the ready-to-build phase in 3Q 2023<\/strong>, the statement says, although the cost of the new plants\u2019 construction remains unclear. UK-based renewables developer Tyler Hill Renewables<\/a> is also \u201cassisting in the development process,\u201d the statement says. When completed, they will be connected to the grid and able to import and export energy.<\/p>\n

The acquisition adds to FRV\u2019s growing BESS portfolio:<\/strong> FRV currently has five battery energy storage projects in various stages of construction and development with a combined capacity of 340 MW, according to the statement. FRV undertook a joint venture with Tyler Hill Partners to create a platform \u2014 FRV TH Powertek Limited \u2014 to design, construct and operate a portfolio of battery storage systems in the UK earlier this month<\/a>.<\/p>\n

BACKGROUND- It\u2019s all part of the wider spending spree of GCC investment in western green assets<\/strong>, from the US to Europe and even Australia. We\u2019ve seen a slew of these investments and acquisitions in the past several weeks, including from the UAE\u2019s Mubadala<\/a>, GCC-focused alternative asset manager Wafra<\/a>, Kuwait\u2019s Agility Ventures<\/a>, and the QIA (here<\/a> and here<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"

Abdul Latif Jameel Energy\u2019s FRV acquires two battery storage projects in the UK: Spain-headquartered Fotowatio Renewable Ventures (FRV) has acquired two battery energy storage (BESS) projects in the UK with a combined capacity of up to 100 MW, it said in a statement yesterday. FRV \u2014 a subsidiary of Saudi solar PV developer Abdul Latif […]<\/p>\n","protected":false},"author":1,"featured_media":74533,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2016],"tags":[515,166,11,79,1160],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-74532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-abdul-latif-jameel","tag-bess","tag-enterpriseclimate","tag-ma-watch","tag-re-projects-development-repd","wpautop","entry"],"acf":{"mongo_id":"1f816da0-8c47-4276-8dfc-2fd2255e12fa","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/10\/3441.jpg","photo_position":"above","related_issue":[74526],"teaser":"","voice_url":""},"yoast_head":"\nGCC can\u2019t stop, won\u2019t stop - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/10\/27\/gcc-cant-stop-wont-stop\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GCC can\u2019t stop, won\u2019t stop\" \/>\n<meta property=\"og:description\" content=\"Abdul Latif Jameel Energy\u2019s FRV acquires two battery storage projects in the UK: Spain-headquartered Fotowatio Renewable Ventures (FRV) has acquired two battery energy storage (BESS) projects in the UK with a combined capacity of up to 100 MW, it said in a statement yesterday. 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