Construction of the solar and storage portfolio is set to begin in 2024. Credit: Drotyk Roman/Shutterstock.com.

UK-based renewables developer Low Carbon has attained financial close on a portfolio of solar and co-located battery storage projects with 385MW of capacity in the UK.

The solar capacity of the projects is 290MW and the battery storage capacity is 95MW.

The financial close will help the company realise a 3GW pipeline of solar and battery storage projects and establish it as a key independent power producer in the country.

Construction on the portfolio is set to begin in 2024. The projects will be built by Equans through its subsidiary Bouygues Energies & Services, with Elmya as the primary engineering, procurement and construction contractor.

In December 2023, Equans and Low Carbon signed a memorandum of understanding to cooperate on the development of large-scale solar PV and battery energy storage system projects in the UK, Europe and North America.

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Its 290MW solar capacity will power 85,000 homes while preventing 130,000t of CO₂ emissions annually.

Since the start of 2022, Low Carbon has raised £1bn ($1.24bn) in financing.

Chief investment officer Steve Mack stated: “We are delighted to have reached financial close on this large portfolio of renewable assets, which will contribute towards the UK’s aim of achieving net zero and our own target of delivering 20GW of new renewable capacity by 2030.

“This milestone reflects the tireless work of our development teams and supply chain partners over several years. The team is particularly excited to begin constructing 95MW of co-located two-hour battery storage assets, a key enabling technology that will help accelerate the transition.

“The deployment of storage alongside our solar assets is an efficient use of limited grid capacity and will support the UK’s efforts to tackle climate change.”