CMS has advised Low Carbon on its joint venture with VPI Immingham, owner of one of the largest combined heat and power plants in Europe and part of the Vitol Group, to fund early stage energy storage and renewable energy projects in the UK. This includes a multi-million pound development of two of the UK’s largest energy storage plants, to be connected to the electricity network by year end. These projects are the first of a pipeline of projects by the joint venture vehicle, VLC Energy (“VLC”), to accelerate the development of the UK’s energy storage and renewable energy market.
The two energy storage plants, located in Cleator in Cumbria and Glassenbury in Kent, were awarded contracts in National Grid’s Enhanced Frequency Response (EFR) tender process, as well as the Capacity Market Auction for delivery in 2020. The sites will have a combined capacity of 50MW accounting for 25% of the total EFR contract capacity awarded by National Grid.
The CMS team was led by Corporate partner Danielle Heath, with support from partners Philip Duffield and Jonathan Dames, senior associate Stephanie Flynn and associates Brynn Horner and Joanna Buttivant.
Commenting on the transaction, Danielle Heath said: “We are very pleased to be part of these significant projects which are an important step in the development of the renewable energy market in the UK.”