November 29 (Renewables Now) - Quinbrook Infrastructure Partners has secured contracts for two synchronous condensers in the third phase of UK electricity systems operator National Grid ESO’s Stability Pathfinder Programme.
The London-based investment manager on Tuesday said it will invest more than GBP 192 million (USD 232m/EUR 222m) in the two projects that will provide grid support services such as inertia and short circuit level. The projects are located near Ashford and north of Cardiff and have been developed alongside Welsh Power.
Quinbrook has also secured contracts in the first two Stability Pathfinder phases. It expects to invest more than GBP 430 million in the construction of its Stability Pathfinder portfolio over the next two to three years.
According to Quinbrook co-founder and managing partner Rory Quinlan, the UK’s electricity sector and its net zero ambitions represent a highly attractive infrastructure investment opportunity.
The ESO last week announced it has agreed contracts with six companies to provide new stability services that are currently supplied by fossil fuel power stations. The Stability Pathfinder Phase 3 contracts are worth GBP 1.3 billion and are expected to provide GBP 14.9 billion in savings between 2025 and 2035.
“These new contracts represent a major milestone in delivering a low-carbon network for the future and will help support the delivery of our 2025 ambition to be able to operate the network at zero-carbon,” said ESO head of Networks Julian Leslie.
One of the six companies is Norwegian power generator Statkraft A/S. Last week, the company said it will develop three additional Greener Grid Parks to deliver fault current and inertia to the grid.
(GBP 1 = USD 1.208/EUR 1.155)