Business
Solar + Storage partnership with Statkraft
Solar + Storage partnership with Statkraft.
About this update from Invinity Energy Systems Plc
[{"type":"text","content":"\n \nRNS Number : 7972T RedT Energy PLC 25 March 2019 \n\nThis announcement contains inside information\n \n25 March 2019\nredT energy plc\n \n(\"redT\" or the \"Company\")\n \nredT partners with Statkraft on first fully financed UK solar + storage product\n \n \nFurther to the announcement made on 14th March, redT energy plc (AIM:RED), the energy storage solutions company, is pleased to announce it has signed heads of terms to partner with Statkraft, Europe's largest generator of renewable energy, to provide a fully financed 'solar plus storage' solution to UK commercial and industrial ('C&I') customers. This is the first time a solar plus storage product, financed under a Power Purchase Agreement ('PPA') model has been offered to the UK market. \n \nAs a fully financed solution, UK C&I energy users will be able to benefit from up to 20% forecast savings on their energy costs over a 25 year PPA agreement, by installing solar panels and redT flow machines at their sites, without the need to pay upfront capital. By combining redT's energy storage infrastructure with a long term corporate PPA for the solar and storage, provided by Statkraft, customers can benefit from energy savings based on maximising the use of low cost solar power and reducing exposure to volatile energy prices. In addition, customers will also be able to access flexibility optimisation services via Statkraft's in-house Virtual Power Plant ('VPP'). \n \nThe initial phase of the partnership will target the deployment of 10MWp of solar PV and 6MWh of energy storage, with the aim of scaling to 100MWp of solar PV and 60MWh of flow machines (800 redT tank units) over the next 3 years. \n \n \nAndy Cooper, Head of UK Downstream for Statkraft said:\n \n\"We are excited to be working with redT energy to provide an attractive combination of renewable energy and long-duration energy storage for our customers - we believe our funded solution really enables customers to take advantage of more zero-carbon renewable energy, matching it to when it is needed most. Statkraft is committed to being the leading partner for clients seeking to better utilise renewable energy and maximise the value of flexibility. The partnership with redT enables Statkraft and Bryt Energy to offer additional options that will ben...