Equinor to acquire 45% stake in Noriker Power Limited
BAKU, Azerbaijan, Dec.6
By Leman Zeynalova – Trend:
Norway’s Equinor will acquire 45 percent stake in Noriker Power Limited, a leading battery storage developer in the United Kingdom focusing on the engineering and project development of utility scale storage and stability services, Trend reports with reference to the company.
Equinor has signed an agreement with Noriker, which includes the acquisition of a 45 percent stake in Noriker, with an option to acquire the full company at a later stage.
In addition to the equity investment, Equinor and Noriker have agreed on a strategic cooperation which will grant Equinor the opportunity to directly participate in projects being matured by Noriker.
Equinor sees a solid opportunity to create profitable businesses by deploying batteries and storage assets to satisfy the growing need to stabilize power markets. In addition, Equinor could complement its existing renewables portfolio in the UK by deploying batteries in proximity of its offshore wind assets to enhance returns.
This would grant the ability to store electricity when the prices are low and sell it to the grid at later stages when prices are higher, improving returns from its renewable projects.
As part of the agreement, Equinor will buy the shares currently held by another investor: Gresham House Plc and Gresham House Energy Storage Fund Plc (together owning 15 percent of Noriker).
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