Enel has bought the Tynemouth battery storage project from Element Power.

The construction-ready project is supported by a four-year EFR contract to provide grid balancing services to National Grid, with a price of about £12/MWh/share.

Enel bought 100% of the shares in Tynemouth Energy Storage from the European energy developer and operator Element Power. Enel said it expected its total investment in the site, including the purchase price and construction, to be about €20 million.