NEWS | 31 March 23

Centrica and UK Infrastructure Bank announce significant investment into sustainable electricity funds

We’re thrilled to announce that Centrica is investing £65m in the Gresham House Secure Income Renewable Energy & Storage (SIReS) fund, helping to accelerate Europe’s path to net zero whilst providing consumers with clean, green, and resilient electricity supplies.

Alongside Centrica’s investment, UK Infrastructure Bank has pledged another £75m investment on a matching fund basis, which forms part of UKIB’s aggregate commitment of over £200m to support the UK’s transition to cleaner and greener energy and net zero commitment by 2050.

The fund will focus on linking renewable generation and short-duration electricity storage assets through collocation. Centrica acts a cornerstone investor, providing £65m to secure construction of the fund’s inaugural asset – a collocated solar and battery energy storage site with 50MWp solar capacity and 75MWh of battery energy storage.

Centrica’s Energy Marketing & Trading division will seek to provide route-to-market services for the assets in the fund once they become operational, delivering power to wholesale, balancing, and merchant power markets.

Chris O’Shea, CEO, Centrica said: “We’re delighted to be the cornerstone investor in this fund and look forward to working with our partners, Gresham House and the UK Infrastructure Bank, to deliver cleaner, greener and cheaper power to our customers.”

See the full release here.

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