10-month process
Kavanagh says that selling to a strategic buyer made sense because, since the HEIT sale, the firm has struggled to raise enough private capital to enable it to fully focus on building what it hopes to be one of the biggest BESS platforms in Europe.
“We knew Alpiq really well over the last few years having sold two sites in France to them,” Kavanagh says, referring to the Cheviré and Oise projects, both 100MW/200MWh.
“For me it was always best case scenario having them come through as the winner of the process because culturally they are well aligned with us. They’re super passionate about what we’re trying to achieve in the battery space, and they’ve got such a depth of knowledge across Europe.”
“We’ve now got the financial strength to really accelerate the profile across all the territories we’re in.”
