London’s Penso Power acquired by BW ESS
Image courtesy Business Wire
Singaporean BW Group’s BW ESS, a global energy storage owner-operator, has reached an agreement to acquire all remaining shares not already owned in Penso Power, a London-headquartered energy storage developer.
BW ESS was already the largest shareholder in the company and the transaction will see the founders of Penso Power become shareholders and members of the senior management team of the newly combined entity.
Operating as BW ESS, the company aims to combine engineering, project delivery, commercial and business development capabilities to unlock the value of utility-scale energy storage globally.
BW ESS stated in email commentary to Smart Energy International that financial terms of the acquisition will not be disclosed at this time.
More on Penso Power and BW Group:
Joint venture to boost UK’s energy storage pipeline by 3GWh
BW ESS and Penso Power sign BESS tolling agreement with Shell Energy
Commenting in a release was Richard Thwaites, CEO of Penso Power: “Penso Power is proud to be a pioneer in grid-scale energy storage since 2017. We delivered Europe’s first 100MW project at Minety in 2020, a project that also secured the first revenue floor contract for a large grid-scale battery asset.
“More recently, we have built the 331MWh Bramley project in Hampshire in partnership with BW ESS and that project secured the first single-asset toll agreement for a battery asset in the UK. Our partnership with BW ESS since 2021 has enabled us to build out the Penso Power team and enter new markets in Italy and Australia.
“This transaction completes the evolution of the Penso Power business to become part of a global energy storage platform. Working as one team, we’ll leverage our combined skillsets and experience to capitalise on new and emerging opportunities across global energy storage.”
With a team of nearly 30 energy storage specialists, BW ESS will cover all stages of project development, deployment and operation, maintaining a long-term investment perspective as an owner-operator.
Already holding operational assets in Sweden and over 1GWh of projects under construction in the UK, Sweden, and Australia, the transaction grows BW ESS’ portfolio with the addition of Penso Power’s UK and Australian pipeline of more than 2GW. The combined entity now holds a pipeline of approximately 5GW across a range of territories.
Said Erik Strømsø, CEO of BW ESS: “We have worked closely with Penso Power since 2021 and already view them as trusted colleagues. Our teams have together entered new markets and pioneered innovative energy storage solutions.
“The combination of Penso’s pioneering development and engineering expertise with our global corporate platform creates substantial synergies and is a natural next step that readies us for continued growth and investment in a rapidly evolving global energy storage landscape.”
BW ESS was advised by law firm Bird & Bird LLP. Penso Power was advised by CMS.
The development of all portfolio projects will continue in parallel with a short period of integration.
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