Vitol-backed VPI to invest up to 450 mln euros in German battery projects – Reuters
(This Sept. 12 story has been refiled to remove duplicated words in paragraph 1)
Power firm VPI, backed by the world’s largest energy trader Vitol, will invest up to 450 million euros ($496 million) over the next three to five years in battery projects in Germany, VPI’s chief executive told Reuters.
Germany plans to rapidly expand its renewable power capacity to account for 80% of the country’s electricity by 2030 from around 40% now, which will also require an increase in energy storage to help balance supply and demand on the system.
VPI already owns power assets in Britain and Ireland and said the battery joint venture with German energy storage firm Quantitas Energy would be its first investment in the country.
Due to high levels of solar power, which produce more electricity during sunny mid-day peaks, the Germany power market can see extreme intra-day price volatility. Companies with batteries can then benefit from selling power during highs and charging when prices are low or even negative.
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Vitol-backed VPI to invest up to 450 mln euros in German battery projects – Reuters, source
