The state-owned development bank’s proposed investment will support the development of new energy storage, following the Bank’s expression of interest to find innovative ways to fund and increase the nation’s storage capacity.

The Bank will invest £75m on a match funding basis into the Gresham House Secure Income Renewable Energy & Storage LP (SIRES) alongside a £65m investment from Centrica and has committed to invest £125m on a match-funding basis into Equitix UK Electricity Storage Fund.

The deals, which represent the Bank’s first investments in the electricity storage sector, could facilitate around 1300 jobs and will unlock at least a further £200m in match-funded private sector capital, acting as a catalyst for the sector and helping to build confidence among private investors.

John Flint, CEO of UK Infrastructure Bank said: "Increasing electricity storage capacity will help secure energy supply in the future and drive us along the path to net-zero. We are making progress as a nation, but we need much more investment to meet necessary targets, and the clock is ticking.”

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