Pulse Clean Energy has secured the project company which has recently been awarded a contract for a new synchronous condenser project under phase three of National Grid PLC’s Pathfinder program to help ensure grid stability in the UK.
Green Frog have been developing the project alongside Pulse Clean Energy since the Q3 2021 and have now successfully completed the transaction with Pulse. The project will start construction next year, with scheduled commercial operations in 2025.
As traditional coal and gas plants are phased out from the UK’s energy system, the transmission system inertia and short circuit levels are falling. Renewable generators like wind and solar connect to the grid in a different way, which doesn’t provide the network the same stabilising properties. The NOA Stability Pathfinder tender process looked for the most cost-effective way to address these stability issues in the electricity system. Once operational, the project will provide short circuit level and inertia to help meet National Grid’s stability requirement.
The Pathfinder project acquisition is in line with Pulse Clean Energy’s strategy to provide grid-scale storage and stability to enable the ongoing deployment of renewables, paving the way to a cleaner energy system. It adds to the company’s growing battery storage portfolio including the recent acquisitions of 162MW which will be operational in 2024 and the nine diesel generation sites across the UK, which are being decommissioned and repurposed as battery storage assets.
Paul Massara, CEO of Pulse Clean Energy said ‘We are delighted to add this Pathfinder project to our portfolio, as we continue to help the UK transition to Net Zero, by providing flexibility to the grid. We hope to do further Pathfinder projects in the future, to meet the changing needs of the energy system’.
Pulse Clean Energy is an investor, developer and holder of flexibility assets backed by IMCO, a Canadian pension fund with over $79 billion under management.
For more information, visit www.pulsecleanenergy.com
ABOUT PULSE CLEAN ENERGY
Pulse Clean Energy’s purpose is to provide the balance and stability needed to ensure renewable energy technologies can thrive. Through innovation in energy storage and optimisation, we enable an energy network that runs entirely carbon free. With a focus that goes beyond energy, to the communities that depend on it, every decision we make is governed by unshakeable ethical and sustainable values.
ABOUT IMCO
The Investment Management Corporation of Ontario (IMCO) manages $79 billion of assets on behalf of its clients. Designed exclusively to drive better investment outcomes for Ontario’s broader public sector, IMCO operates under an independent, not-for-profit, cost recovery structure. It provides leading investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. As one of Canada’s largest institutional investors, we invest around the world and execute large transactions efficiently. Our scale gives clients access to a well-diversified global portfolio, including sought-after private and alternative asset classes. Follow us on LinkedIn and Twitter @imcoinvest.
