Japanese company Kajima has entered the UK renewable energy market through a partnership with the Low Carbon Alliance Limited.
The two have launched a joint venture and renewable energy platform, Taiyo Power & Storage Limited, to develop solar energy and battery storage projects across the UK.
Taiyo will develop projects worth £150 million ($203.7 million) in England, Scotland and Wales, in a move that is expected to help the UK achieve its decarbonisation and renewable energy targets.
The UK is set to double its solar energy capacity by 2030, as well as grow its battery storage portfolio to support the growth in renewables, according to Solar Energy UK.
To enable a swift energy transition, UK utility National Grid states that there is a need to expand battery storage capacity from the current c.1.3GW by 20G by 2030. This will ensure the UK has enough flexible electricity that can be used to meet growing energy demand whilst transitioning to renewables.
Low Carbon Alliance Limited will leverage its experience in land negotiation, grid consultancy and project planning and development to offer real estate customers renewables packages, a move that will help decarbonise the grid and the real estate sector.
The deal is part of efforts by Kajima to expand operations in the European market with the firm recently entering the Polish sector in partnership with Griffin Real Estate.
Chris Gill, Projects & Investment Director at Kajima, said: “This is another hugely exciting step in Kajima’s entry into the renewables sector, as we partner with experienced Net Zero specialists Low Carbon Alliance. We believe that moving into the solar and battery storage market is not only about making a long-term investment but also about taking responsibility and supporting the Green Industrial Revolution.
The UK government has set some of the most ambitious climate targets in the world, and we are thrilled to be able to start playing our part in the country’s vital transition towards clean energy, boosting the UK economy and protecting our environment for future generations.”
Simon Crowe, Managing Director and Founder of Low Carbon Alliance said to help “the real estate and energy sectors to significantly reduce carbon emissions, we are continually identifying new clients to work with. There has been a step change in sentiment to ESG and a real commitment to reducing carbon emissions since the global pandemic began, but much more is needed if we are to achieve a global target of limiting warming to 1.5 degrees.”
Kajima and Low Carbon Alliance have been advised by Addleshaw Goddard (legal advisers), Ernst & Young (financial advisers) and Energy Law Unlimited LLP (legal advisers) to create a joint venture.