BCI to Invest in Global Battery Storage Platform called Eku Energy
Posted on 01/13/2023
British Columbia Investment Management Corporation (BCI) entered into an agreement with Macquarie Asset Management’s Green Investment Group (GIG) to acquire an interest in GIG’s global battery storage platform. The transaction is anticipated to close in the second quarter of 2023, subject to the receipt of regulatory approvals and satisfaction of customary closing conditions.
The platform, Eku Energy, was launched to develop, build, and operate a global portfolio of utility-scale battery storage projects. Based on August 2022 company estimates, Eku Energy has 190MWh of projects with a pipeline of over 3 GWh across the U.K., Australia, Japan, and Europe. Eku Energy is operational in the U.K. and Japan, with the commencement of operations and transfer of seed assets in other jurisdictions to occur as relevant regulatory approvals are obtained. Green Investment Group formed Eku Energy in November 2022 to develop battery storage capacity across the world. Eku has a project under construction in the U.K. for a 40MW/40MWh plant in Essex.
BCI’s infrastructure & renewable resources program (I&RR), valued at approximately C$ 20.2 billion, invests in tangible long-life assets in the Americas, Europe, and Asia Pacific, including a portfolio of direct investments in regulated utilities, energy, telecommunications, transportation, timberlands, and agri-businesses.
Green Investment Group is a former U.K. government-backed clean energy investor that was acquired by Macquarie in 2017.