Statkraft and redT announce partnership

Statkraft and redT will provide a fully-financed and 100 per cent renewable energy solution for customers to save up to 20 per cent on their energy costs for 25 years. Statkraft provides a long-term structured corporate power purchase agreement (PPA) for the solar and energy storage, alongside a 100 per cent renewable supply agreement from subsidiary, Bryt Energy, for remaining energy required from the grid.

In addition, Statkraft provide flexibility optimisation services using their sophisticated in-house virtual power plant (VPP) to maximise value for the customer. redT will provide energy storage machines, fully integrated with solar and designed and operated in accordance with its infrastructure business model. This solution is focussed on low-risk energy savings, maximising the use of low-cost solar on customers’ sites and reducing exposure to volatile energy prices and solar price cannibalisation.

The initial phase of the partnership is to target up to 10MWp of solar and 6MWh of energy storage, scaling over 3 years to 100MWp of solar and 60MWh of energy storage.  

Andy Cooper, Head of UK Downstream for Statkraft said: “We are excited to be working with redT energy to provide an attractive combination of renewable energy and long-duration energy storage for our customers – we believe our funded solution really enables customers to take advantage of more zero-carbon renewable energy, matching it to when it is needed most. Statkraft is committed to being the leading partner for clients seeking to better utilise renewable energy and maximise the value of flexibility. The partnership with redT enables Statkraft and Bryt Energy to offer additional options that will benefit customers, incorporating storage, renewable energy solutions, advanced asset optimisation and trading within a VPP.”

Scott McGregor, CEO of redT said: “We are pleased to be partnering with Europe’s leading renewable energy generator and optimisation expert in Statkraft. Together we are breaking new ground in the energy industry with this unique, fully financed decentralised energy solution designed specifically for the UK C&I sector to reduce energy costs. With this roll out of low cost solar coupled with heavy cycling, non-degrading flow machine technology, we are accelerating the deployment of “energy storage 2.0”, providing low risk infrastructure returns to commercial energy users, and creating an effective, low risk hedge against rising energy prices for the next 25 years.”