AIMCo and Railpen acquire majority stake in Constantine Energy Storage

Alberta Investment Management Corporation (AIMCo), on behalf of some of its clients, and Railpen have acquired a 94 per cent stake in Constantine Energy Storage (CES), a grid-scale battery energy storage platform.

CES will invest more than £400m to build out a pipeline of battery energy storage projects in the UK, with these projects forming an “important part” of the UK’s plans to transition to net zero and are currently under development by Constantine Group subsidiary Pelagic Energy Developments.

Constantine investment director, Graham Peck, stated that the company has been seeing increasing deployment of renewable energy projects through its long track record, creating a “large” market opportunity and “inherent” infrastructure demand for energy storage.

Through the subsidiary Pelagic Energy, CES has a project pipeline of battery projects, Peck continued, which are deliverable in the near term.

Peck welcomed the acquisition, stating that Constantine was looking forward to working with AIMCo and Railpen in building a platform, and in so doing enabling and enhancing the production of renewable energy in UK.

AIMCo head of infrastructure renewables and sustainable investing, Ben Hawkins, commented: “The acquisition of CES is an ideal fit for our growing global portfolio of high-quality infrastructure assets. Grid-scale batteries are a critical enabler of the UK energy transition, and the country’s net-zero ambitions.

“We look forward to leveraging our deep asset expertise, working closely with the management team to build and grow this business that will support Britain’s energy needs and transition over the long term.”

Railpen investment director, Lewis Vanstone, added: “We are delighted to acquire a significant stake in CES, as part of our commitment to investing in innovative assets that grow our members’ capital over the long term.

“This acquisition marks Railpen’s first direct investment into battery storage and reflects our ambition to drive positive change through our portfolio, working with management to develop the critical infrastructure needed to support the UK’s transition to net zero.

“Railpen’s scale and long-term approach makes us an ideal partner for CES’s ambitions to improve battery energy storage capabilities and enhance energy security.”

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