Soul Patts is boosting its exposure to energy storage with an investment in Grant King-chaired North Harbour Clean Energy, providing about $40 million of capital to take the outfit through to financial close on its first two battery projects.
The diversified investor will take about a one-third stake in the group, joining superannuation funds such as Australian Retirement Trust and King himself in backing North Harbour’s strategy to build a portfolio of long-lasting storage capacity that it expects will become an increasingly important part of the energy supply mix to support renewables.
