BlackRock Partners with Battery Developer to Construct Storage Assets

Posted on 06/11/2022

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BlackRock Real Assets is investing up to £200 million, on behalf of its third global renewable power fund (BlackRock Global Renewable Power III), to build battery storage assets in the U.K. BlackRock is backing the build-out of up to 2GWh (Gigawatt hours) of battery storage assets in a partnership with KX Power Limited. The build-out is estimated to power up to over 2 million homes annually.

KX Power Limited is a U.K.-based entity. Zhe Zhang is the CEO of KXP.

Advisors
The London office of international law firm Haynes and Boone, LLP has advised KX Poweron its joint venture with BlackRock Real Assets to develop a pipeline of UK grid-connected battery storage projects.

Correction: Earlier, we reported it was a China-based entity and that was incorrect.