24th September 2024

ELECTROROUTE ANNOUNCES EXPANSION INTO UK RENEWABLES AND ENERGY STORAGE MARKET

Strong growth in UK renewable & battery storage capacity projected

ElectroRoute, a wholly owned subsidiary of the A-rated Mitsubishi Corporation has announced the expansion of its UK operation as it strengthens its position in the growing Energy Storage and Renewables markets. With 1.9 GW of assets already under management on the island of Ireland, including over 250MW of energy storage assets, this move will see further additions to its 20-strong energy trading team in London.

ElectroRoute has already contracted a portfolio of wind and solar assets in the UK market both under equity and project finance conditions. The business expects to expand its UK operations substantially over the coming months and is eyeing the burgeoning co-location market segment for solar and storage assets as a key long term growth opportunity. Industry predictors of solar/storage build-out have highlighted a sharp rise in applications for co-located storage with a medium term market capacity in excess of 20GW.

ElectroRoute will provide its clients with a range of trading and risk management services for renewables and storage, including asset optimisation, route to market and balancing services and revenue protection structures. An increase in UK based activity will be underpinned by ElectroRoute’s existing trading expertise of its 24/7 trading desk and team of expert energy traders and forecasters who utilise ElectroRoute CORE, its in-house trading platform with the speed and accuracy of a digitalised intelligent software designed specifically for trading complex assets.

The ElectroRoute expansion comes as the UK Government has strongly indicated its support for further growth in renewable power including the announcement of an increased budget to support UK based clean energy projects. National Grid ESO’s most recent Future Energy Scenarios 2024 Report estimates an energy storage installed capacity of between 22-34GW by 2030 and an increase of between 15-27GW of wind and solar projects in 2030 compared to 2023 values.

Commenting on the announcement, Caoimhe Giblin, Co-CEO, said; “ElectroRoute’s expansion allows us to build on our existing renewable and storage trading platform in the UK. ElectroRoute is steadfast in our mission to help solve the commercial mechanics of a decarbonised energy system and we view the UK market as a strategic platform for us as we plan our medium term growth both here and into Europe”.

“Our trading activities in the UK are long established via our power, gas and biomethane trading activities and we’re delighted to further develop that through the announcement of our renewable and storage optimisation business”.

“The platform is ready to go and our origination team has already executed our first transactions with  a number of exciting opportunities in late stage negotiations, which represents a really positive start to our business”.