Statkraft (a hydropower company) has signed its first long-term agreement with Pulse Clean Energy (a renewable energy company) to provide trading and optimisation services for the Penn Battery Energy Storage System, a 128 MW distribution-connected project to be built near Wolverhampton.

Deal Structure and Services

Under the terms of the agreement, Statkraft will deliver trading and optimisation services for the Penn BESS project alongside an innovative long-term income guarantee designed to support the financing of the new development.

The project is expected to become operational in early 2028. Statkraft describes itself as a leading provider of market access and optimisation services, and the deal marks its first long-term agreement with Pulse Clean Energy, which is a UK developer and operator of battery storage.

Statkraft's proprietary trading platforms are intended to enable asset optimisation tailored to each asset's specific characteristics and the owner's appetite for risk.

The company says this delivers cross-market optimisation with transparency and benchmarking, with the aim of maximising revenues within agreed parameters.

Project Details and Environmental Impact

Penn BESS will be a distribution-connected scheme rated at 128 MW and located near Wolverhampton. Once operational, the project is expected to save 30,000 tonnes of carbon dioxide per year, which Statkraft says is the equivalent of taking roughly 6,500 petrol cars off the road.

Battery energy storage systems enable electricity generated from renewable sources to be stored during periods of low demand and then dispatched during times of peak electricity demand.

This reduces the grid's dependence on importing oil and gas from abroad, contributing to greater energy security and more stable energy bills, according to the companies.

Pulse Clean Energy currently operates the Willoughby BESS project, a 20MW operational site in Leicestershire, and has described itself as a fast-growing UK developer and operator of battery storage with a growing pipeline of projects supporting the decarbonisation of the electricity system and the integration of renewable generation.

Strategic Fit for Both Parties

For Statkraft, the Penn BESS agreement adds to what the company describes as an expanding 4.3GW portfolio of flexible assets in Great Britain. The Norwegian energy firm continues to partner with asset owners to deliver route-to-market solutions across the country.

Nick Heyward, Statkraft's Head of Storage for Markets for the UK and Ireland, said the Penn project was well located to provide valuable flexibility to the system.

"With our experience in optimisation and trading across all relevant markets, combined with innovative hedging solutions, we look forward to maximising the performance of the project over the long term," Heyward said.

Trevor Wills, Chief Executive of Pulse Clean Energy, said the partnership gave the company confidence that the asset would achieve strong and stable returns, supporting the continued growth of its battery portfolio.

"Battery storage is essential to delivering a flexible, low-cost, and future-proofed energy system, and partnerships like this are key to unlocking the full potential of these assets," Wills said.

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