Israel's Econergy plans renewable energy storage, solar PV capacity in Britain

LONDON (Reuters) - Renewables investor Econergy Renewable Energy said on Thursday it plans to develop a portfolio of 800 megawatts (MW) of renewable energy storage and 900 MW of solar photovoltaic (PV) capacity in Britain over the next three years.

The firm said it plans to develop 350 MW of energy storage capacity for operation in 2023, 300 MW for 2024 and 150 MW for 2025. It also aims to develop 900 MW of solar PV projects by early 2025, a company spokesperson said.

As a first step, Econergy has acquired a 50 MW storage project in Yorkshire, northern England, from UK renewables developer Yoo Energy, for an undisclosed sum.

"The UK is a key market for Econergy and is leading the development of storage technology, which has a key role to play in reducing our reliance on fossil fuels and enabling the clean energy transition," said Econergy Chief Executive Eyal Podhorzer.

Econergy is listed on the Tel Aviv stock exchange and develops solar PV, wind and storage projects in Europe, including Britain, Italy, Spain, Romania and Poland.

It currently has 6 gigawatts (GW) of projects under development across Europe.

(Reporting by Nina Chestney; editing by David Evans)