The future of renewable energy has been given a vote of confidence by Scottish Power, who has just announced an investment of up to £2bn in the sector. In order to achieve its goal of making electric vehicles possible for everyone, the energy giant plans to increase battery storage capacity at its wind farms.
Scottish Power plans to invest in “smart grids” for customers to buy and sell electricity and deliver charging points for electric cars, amid a predicted shift away from diesel and petrol vehicles.
Scottish Power Chief Executive Keith Anderson said “We’re producing more and more green energy. One of the great things about investing in battery technology is, every time the wind is blowing, even if we’re not using all of the electricity, we’ll be able to store it and use it later.”
Savills said the latest Scottish Power announcement is in line with a general uptick in activity and interest in the solar PV sector and a return of onshore wind after a few years in the doldrums.
Savills UK Head of Energy Nick Green said: “Renewable energy developers are looking to drive additional income from existing wind projects either through adding additional turbines or by co-locating with other technologies, for example energy storage or solar. Landlords who already have wind farms on their land have a real opportunity for additional income. However, they must ensure that the additional revenue driven by such commercial opportunities are properly addressed in their lease and in the rent clauses in particular.
“There remain a significant number of wind projects in the planning system, and with the return of development activity in the renewables market this number will only grow. It is easy to be blinded by the headline rents currently being offered, but a developer’s ability to deliver a project should be given equal or greater weight than the rent alone. And if a historic project was previously mothballed, it would be well worth seeing if it now merits further exploration given the renewed appetite for wind.”