British Columbia Investment Management Corporation (BCI) has entered into an agreement with Macquarie Asset Management’s Green Investment Group (GIG) to acquire an interest in GIG’s global battery storage platform. The transaction is anticipated to close in the second quarter of 2023, subject to the receipt of regulatory approvals and satisfaction of customary closing conditions.

The platform, Eku Energy, was launched to develop, build, and operate a global portfolio of utility-scale battery storage projects. Eku Energy has 190MWh of projects with a pipeline of over 3 GWh^* across the UK, Australia, Japan, and Europe^**. Eku Energy’s projects will provide vital grid services in key global markets.

Battery storage is an essential enabler of the energy transition as it captures and stores excess clean energy produced during times of oversupply and delivers energy when there is a shortage or increased demand. Eku Energy will also provide additional services which help manage and balance electricity grids, enabling more renewable energy capacity to connect to the grid and support the decarbonization of economies, while helping secure supply.

We look forward to working with Eku’s management and staff in the ongoing development and expansion of the company,” said Lincoln Webb, executive vice president & global head, infrastructure & renewable resources. “As countries worldwide facilitate the integration of clean energy to meet energy transition objectives, large-scale battery storage platforms like Eku are poised for strong growth, resulting in attractive investment opportunities."

Chris Morrison, interim CEO of Eku Energy, said:

We are delighted to receive the backing of BCI. BCI’s investment recognises the quality of our team and platform, as well as the size of the opportunity for battery storage technology as the shift to clean energy accelerates. We look forward to working with teams from Macquarie Asset Management’s Green Investment Group and BCI as we develop our global pipeline of opportunities in battery storage and establish Eku Energy as a leading contributor to the energy transition.”