Equitix, together with Aware Super, an Australian pension fund, and the UK’s National Wealth Fund (NWF), has established a consortium to invest £500 million in a new UK battery storage platform, Eelpower Energy. The company will focus on developing, owning, and operating grid-scale battery storage projects, with a target of adding over 1 GW of new capacity to the UK grid in the coming years.
Equitix spearheaded the consortium, joining forces with Aware Super to invest in Eelpower Energy. NWF will contribute up to £200 million to the platform. Eelpower Energy will be led by a management team with proven expertise in battery storage development, asset management, and optimisation in the UK market. The company has already identified a set of seed assets that will move into construction immediately, along with a strong pipeline of ready-to-build projects to support long-term growth.
In May 2025, Iberdrola secured a GBP 1.35 billion financing package from the UK’s NWF, and commercial banks to help deliver upgrades to the UK’s transmission grid. It includes a GBP 600 million commitment from the NWF. NWF’s financing will support the delivery of seven of ScottishPower’s priority transmission grid upgrade projects.
