GLIL, an infrastructure investment platform for UK pension funds, has invested £150 million in Flexion Energy’s energy storage infrastructure.
The deal, which is a joint venture between renewable energy developer ion Ventures and GLIL, aims to build 300MW of operational assets over the next two years, extending to 1GW within the next five years.
The investment will fund the development of energy storage systems in the UK, specifically large-scale batteries connected to and servicing the electricity grid.
Flexion aims to bridge the gap between the development and financing of energy storage sites.
Jonathan Ord, investment director at GLIL Infrastructure, said: “Energy specialists like Flexion have a critical role to play in the country’s future infrastructure objectives. Our backing of the company ties in with our extensive plans to assist in the UK’s recovery and help to build a sustainable economy for the future through infrastructure investment.”
GLIL was launched in 2015 as an infrastructure collaboration between Greater Manchester Pension Fund (GMPF) and the London Pensions Fund Authority (LPFA), it now also includes contributions from the LGPS Pool LPPI as well as DC master trust NEST.
The deal is GLIL’s 11th investment in the UK. Prior to that, it has invested among others in Anglian Water, Clyde Windfarm, Forth Ports, two fleets of trains with Rock Rail, a portfolio of PPP assets and investments in biomass and anaerobic digestion energy generation, and Agility Trains East (‘ATE’), a rolling stock fleet of 65 new intercity trains on the East Coast Mainline. Most recently, in April, it acquired UK energy infrastructure provider Smart Meter Assets 1 Ltd.
