- The transaction combines Conrad’s existing assets with over 320MW from Viridis Power, for an aggregate portfolio of 1.1GW of flexible generation assets in operation or various stages of construction and development.
- Significant acceleration in investment for constructing flexible generation and storage assets with a platform strategy to grow the portfolio up to 2.2GW, making Conrad Energy the largest flexible generation platform in the UK.
Abingdon, England, 1 October 2020
Conrad Energy, a portfolio company of I Squared Capital and an independent power producer focused on flexible power generation, battery storage and energy management services for network and commercial customers, today announces a significant acceleration in its plans to support the UK energy transition. Conrad Energy has agreed to acquire Viridis Power, more than doubling its share of flexible generation for the UK power market, and bringing its operational portfolio to over 440MW at 28 sites across the UK and equivalent to the average hourly electricity needs of one million homes.
The acquisition further strengthens the power generation, trading and operational capabilities of Conrad Energy, which specialises in innovative energy solutions that provide critical grid support. Conrad Energy is already providing commercial customers with solutions for their energy needs, including flexible generators, storage and solar. This support will be critical as the UK integrates more renewable sources into its energy mix and to mitigate the fluctuations in electricity consumption patterns from Covid-19.
Alongside Conrad Energy’s generation capacity, the company is deploying battery technology that can store up to four hours of electricity to supply power during peak demand periods, mitigate grid constraints, and moderate excessive price volatility for consumers. The company is looking at building a total storage portfolio of 200MW.
Established in 2017, Conrad Energy is one of 18 global platforms created by I Squared Capital to meet a pressing demand for infrastructure. Gautam Bhandari, Managing Partner at I Squared Capital, said:
“The UK’s energy market is at a pivotal point. Demand and usage patterns are changing and the future of nuclear remains uncertain. Localised, flexible generation will be vital to bridge the gap as the country integrates more renewables into its energy mix. Renewables are here to stay, and we need a cost-effective solution that will smooth the transition. This investment will help ensure the future security and stability of the UK’s national energy supply as the country pursues its net zero ambitions.”
“This acquisition marks a significant step forward in the growth of Conrad Energy and in providing reliable, flexible power to the National Grid. The businesses complement each other well and we look forward to combining the expertise of the teams,” said Damian Darragh, Executive Chairman of Conrad Energy. “We are creating a modern utility company from the ground-up that will drive the clean energy transition by supporting the integration of low carbon energy solutions that are cost-effective for consumers. Localised generation, smart grids and behind the meter solutions are crucial pieces of the puzzle in creating a modern utility.”