Power purchase agreements will fund 1GW of solar and Battery developments. Credit: Markus Spiske on Unsplash.

Macquarie-owned Green Investment Group (GIG) and Enso Energy have formed a joint venture to develop a subsidy-free solar and battery portfolio in the UK.

The joint venture aims to develop 1GW of solar capacity across England and Wales using power purchase agreements for funding. Enso and GIG have said they will initially focus on grid-secured projects solr and batter projects. Plans are currently being prepared for planning approval.

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Upon receiving approval, the solar power projects will use advanced tracking and bifacial solar technology. Integration of battery storage technology will help the facilities meet demand during peak periods.

Green Investment Group Europe head Ed Northam said: “From our origins in the UK as the world’s first green investment bank, GIG has grown into a global green energy powerhouse while remaining steadfastly committed to accelerating the UK’s transition to a greener economy.

“The UK’s solar market holds huge potential to create green jobs and help the UK get closer to its aim of becoming a net-zero economy.

“By combining GIG’s deep technical and financial capabilities with Enso’s highly experienced development team, our partnership has the skills and expertise to unlock that potential, bringing low-cost, low-carbon power to communities right across the UK.”

Enso Energy has developed 1.5GW of generation, while GIG and its predecessor have funded more than 7.5GW in the UK.

Last August, Macquarie’s GIG agreed to purchase a 40% stake in the East Anglia ONE windfarm for just over £1.6bn.