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Swiss Life, an institutional investor, has purchased a 50% share in a German 68 MWh battery storage facility.
The manager is investing for two infrastructure funds and is buying the stake in Smart Power along with Zurich-based asset manager B Capital Partners.
When construction is complete, the project in Eisenach (Thuringia) will be the largest industrial batteries on the German market.
Swiss Life’s investment into BCP Battery Holding gives it a stake at Smart Power’s larger development-phase storage platform. This will be implemented over 12 months.
BCP Battery Holding has exclusive rights to continue building 420MWh of German battery projects.
Marc Schurch, Head Renewable Energy, Swiss Life Asset Managers said that: “We are delighted to be entering the exciting sector and to help its growth. To balance the increasing proportion of renewable, variable generation in the electricity grid, storage demand will rise. This dynamic demand and supply mix will be managed by batteries.”