It also confirmed board approval progress for the first project to financial close, and added that first revenues are expected by the end of 2020.
The first project is located in Southport, near Liverpool, and it will see the installation of a gas fired "peaker plant" capable of generating some 7.2 megawatts of power. Such plants are designed to ease pressure on power networks, rebalancing supply at times when demand drives high prices.
Subsequently, it plans to install up to 4 megawatts of energy storage, using lithium ion batteries. The company noted that it would then be able to purchase inexpensive power from the grid in off-peak times to resell in the future.
A local planning authority and grid application progress is presently underway.
“I am delighted to report that having recently acquired 100% of the business, Regency is now focusing its Flexible Grid Solutions division on its first project at Southport with a view to securing near term revenues,” said Scott Kaintz, Regency chief executive.
“The Southport project is fully aligned with the decarbonisation of the economy, the power grid and associated distribution networks. The project is also aligned with the requirement for flexible energy options to buttress an ever-increasing reliance on renewable power and the net zero emissions goal of the UK government."