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Fotowatio Renewable Ventures, the leader in the development of sustainable energy solutions and part of Abdul Latif Jameel Energy, in collaboration with Tyler Hill Partners has announced the creation of a platform, viz., FRV TH Powertek Limited, to develop, construct and operate a portfolio of battery energy storage system projects.
The core management team of the platform comprising Preeti Yardi, Ravinder Shan & Ravishankar Tumuluri. has extensive experience across the value chain in the development, financing, construction, and operations of renewable energy projects.
Battery Energy Storage projects play a critical role in ensuring a more stable, resilient, and lower emissions electricity network. Significant growth is expected in the installed capacity of battery storage projects to keep the UK on track to meet its Net Zero targets for 2050.
The portfolio resulting from the collaboration between the two companies is expected to reach up to 1GW/2GWh over the next 5 years with an estimated aggregate investment of GBP1 billion.
“Thanks to the close collaboration with Tyler Hill that has resulted in this new platform, FRV TH Powertek Limited, we have an increasing presence in the UK. This consolidates the expansion of FRV’s portfolio of energy storage projects internationally and, more specifically, in the UK”, said Felipe Hernandez (General Manager of Engineering of FRV and FRV-X)
Fady Jameel, Deputy Chairman and Vice Chairman of Abdul Latif Jameel said that At Abdul Latif Energy we are committed to establishing collaborations with best-in-class partners where opportunities could arise to support our efforts toward mitigating the impacts of climate change. The introduction of FRV TH Powertek Limited reflects our commitment to developing new green technologies that contribute to achieving the UK’s ambitions to become a ‘net zero’ emitter and power its green industrial revolution.
Ravishankar Tumuluri, Director of Tyler Hill Partners said,” We are excited to partner with FRV to establish this platform in the UK, which synergizes the skills and capabilities of both the organizations and contributes to the decarbonization of the UK energy sector.
