Real Cost Behind Grid-Scale Battery Storage: 2024 European Market
The European Investment Bank further enhances these initiatives by offering project finance solutions with extended tenure and competitive rates, making utility-scale battery storage
While long-term institutional debt funding of stand-alone and portfolio battery storage transactions has been relatively limited, there is a growing appetite for long-term nonrecourse debt funding of hybrids, which benefit from 20- or 30-year PPA offtake terms.
The success in recent capacity market auctions in Italy and the UK, as well as other European countries that are building large-scale battery energy storage systems (BESS) projects, signals that the European and UK regulatory environment is providing a degree of limited support to the technology.
The available government subsidies for battery storage in the UK do not currently form a sufficiently significant and stable revenue stream to ensure battery storage project financings are fundable on the basis of capacity market or ancillary services alone.
Together, we urge a tenfold increase in battery storage by 2030 to ensure Europe's energy transition, security, and competitiveness. Managing Director, Renewable Energy Insurance Broker (REIB)
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