John McElroy
Opus Corporate Finance
Eelpower
Deal Type
Fundraising
Sector
Energy & Sustainability
Completion Date
28th November 2022
Deal Value
Not disclosed
Company Background
Eelpower constructs, owns and operates grid-scale batteries in the UK, with ambitious plans for expansion into international markets.
Deal Summary
Opus is pleased to have advised Eelpower in connection with its new partnership with Renewable Power Capital, a pan-European renewable energy investment platform backed by Canada Pension Plan Investment Board.
The partnership is structured as a joint venture (JV) focussed on acquiring, building, and operating utility-scale grid connected battery storage projects. The JV is targeting to build up to 1GW of storage, and already has a current pipeline of 240MW to be built in the short term.
This partnership is Eelpower’s third JV in two years. In January 2021, Eelpower entered a JV with SUSI Partners and in September 2021 it announced a JV with Next Energy Solar Fund which was expanded in September 2022 to £300m to build over 500MW of battery storage assets. Opus advised on all of these transactions.
