By Jaime Llinares Taboada

SSE PLC has entered the electricity-storage industry by acquiring its first battery project in Wiltshire, England.

In a statement dated Wednesday, the FTSE 100 energy company said it has purchased development rights for the 50-megawatt asset from Harmony Energy Ltd.

SSE plans to bring the project to financial close and construct the storage facility over the next 18 months.

The company said it is looking at around 500 megawatts of early stage opportunities to build a significant portfolio of batteries.

"Battery storage is expected to grow rapidly in the U.K., with over 1 gigawatt of batteries installed currently and a range of forecasts by National Grid and BNEF forecasting the battery-storage market to reach between 20-40 gigawatts by 2050," analysts at RBC Capital Markets said in a note on Thursday.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

August 19, 2021 06:14 ET (10:14 GMT)

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