A renewable energy company owned by the Investment Management Corp. of Ontario is securing a £175 million credit facility.
Pulse Clean Energy, which was formerly known as Green Frog Power, will use the three-year facility to fund the expansion of its battery storage capacity in the U.K. The battery storage facilities are used to store and release energy produced by renewable power generation projects.
According to a press release, the company is aiming to grow its energy storage capacity from 162 megawatts to 1,000 megawatts. Some of the new assets will be built in nine decommissioned diesel fuel production sites that were acquired by Pulse earlier this year.
The move is part of a broader effort to build a global, utility scale battery storage platform. At the time of the acquisition, the IMCO announced it would allocate $500 million to the growth strategy.
In other news, a joint venture backed by the real estate arm of the Caisse de dépôt et placement du Québec is installing solar roofs on a network of warehouse facilities in India.
Ivanhoé Cambridge, the Mahindra Group and Logos India Logistics Venture, which co-own Logos warehouse network, are upgrading the facilities with rooftop solar panels that will be able to generate 10 megawatts of electricity. The move is part of a broader effort to make the warehouses carbon neutral by 2040.
The panels are already installed at Logos Luhari logistics estate, India’s largest warehouse facility. The 50-hectare e-commerce and real estate warehouse facility, located near New Delhi, now produces two-thirds of the electricity it uses. The 50-kilowatt solar roof is expected to save the equivalent of 12 million kilograms of carbon dioxide during its lifespan.