Energy
Accelerating the global deployment of energy storage solutions
Eku Energy, a Macquarie Asset Management portfolio company, develops, builds and actively manages energy storage assets to support the supply of renewable electricity generation
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| Sector | Energy and climate solutions |
| Sub-sector | Battery storage |
| Location | Global |
Opportunity
Globally, the share of electricity generation from renewables increased to 34 per cent in 20251 and is expected to reach 43 per cent by 2030.2 As the share grows, energy systems require flexible storage mechanisms that can balance variable supply and demand.
Reflecting this need, global energy storage additions reached a record 112 GW in 2025, up 48 per cent from 2024.3
Battery storage is playing an increasing role in this shift. Batteries store electricity when there is a surplus and release it when demand rises or supply is short, effectively ‘time shifting’ dispatchable power to better match renewable generation with consumer demand. With sub-second response times, batteries can also improve efficiency and network stability, strengthen resilience and allow the grid to absorb a higher share of renewable generation.
As renewable capacity continues to expand, demand for flexible storage solutions is expected to accelerate alongside it.4
Approach
In 2022, Macquarie Asset Management launched Eku Energy, bringing its existing battery storage activity together into a single business with a global portfolio of utility-scale projects.
Developing battery storage at scale requires specialist technical capability and a deep understanding of local power markets. Eku Energy combines local market expertise and partnerships with data-led analysis of energy and financial markets. This helps the team identify optimal project locations, capture offtake opportunities, and work with industry and government partners to deliver storage assets.
Technical and regulatory barriers can slow the integration of this emerging technology, so Eku Energy focuses on markets where growing renewable generation, evolving regulation and the need for greater system flexibility are creating demand for storage.
As the share of electricity generated by renewables grows, Eku Energy can combine long-term offtake agreements with participation in volatile power markets to build diversified, resilient revenue streams. For example, it can buy and store power at midday when solar output is high and sell it in the evening when generation falls and demand rises.
Outcome
Eku Energy has grown into a global specialist battery storage platform with more than 25 GWh of projects in active delivery across six key markets.5
In the UK, Eku Energy has expanded its platform through project development, construction and targeted acquisitions. Following its acquisition of a portfolio from Bluestone Energy in 2025, the business continued to advance projects including Ocker Hill and Didcot.
Ocker Hill is a 99 MW / 198 MWh battery in the West Midlands, close to the site of a former coal power station, supported by more than £45 million of debt financing from NatWest and SMBC.6 Didcot is a 300 MW / 600 MWh battery in Oxfordshire, Eku Energy's first project in the UK to connect directly to the national transmission grid, near the UK's first AI Growth Zone at Culham.7
In 2026, Eku Energy completed the sale of its first three UK battery storage projects, demonstrating its ability to develop, deliver and selectively recycle capital to support future growth.8
This approach is applied across Eku Energy's international portfolio.
- In Australia, the operational Rangebank BESS, developed with Shell Energy, is providing additional storage capacity to the electricity network in the state of Victoria and helping support a more reliable energy supply during periods of peak demand.5
- In Japan, Eku Energy is progressing the Hirohara BESS, which is expected to commence commercial operations in 2027 under a 20-year operating arrangement with Tokyo Gas and project financing from MUFG Bank.9
- In Germany, Eku Energy entered its sixth market through the Dion BESS project in Lower Saxony.10
Together, these projects have established Eku Energy as a global participant in one of the fastest-growing segments of the energy transition.1
25 GWh+
battery storage projects in delivery globally5
6 markets
Australia, Germany, Italy, Japan, New Zealand and the UK5
50+
projects in development5
Battery storage is critical to maximising the role for renewables in our energy mix by enabling the delivery of dispatchable energy. We’re proud that Eku Energy is investing in projects at scale that will help build a more secure and resilient energy system.”
Mark Dooley
Executive Chairman, Green Investments
Macquarie Asset Management
- 'Global Energy Review 2026’, International Energy Agency (IEA), 20 April 2026.
- 'Renewables 2025’, International Energy Agency (IEA), 7 October 2025.
- ‘Energy Storage Enters the 100-Gigawatt Era: Three Things to Know’, BloombergNEF, 7 May 2026. Supports 112 GW installed in 2025, excluding pumped hydro, and 48 per cent year-on-year growth.
- 'Battery storage is scaling up and taking on a larger system role’, International Energy Agency (IEA), 29 May 2026.
- Eku Energy global website accessed, 30 September 2026.
- 'Eku Energy secures over £45 million in funding for new Ocker Hill BESS’, Eku Energy, 13 May 2025.
- ‘Eku Energy acquires transmission connected 300MW/600MWh Didcot BESS from TBC Partners’, Eku Energy, 31 July 2026.
- ‘NextEnergy Capital acquires Maldon, Basildon and Loudwater battery storage projects’, Eku Energy / NextEnergy, 13 August 2026.
- 'Eku Energy Japan completes major equipment installation at Hirohara Battery Energy Storage Project’, Eku Energy, 4 August 2026.
- 'Eku Energy enters German market with Dion Battery Energy Storage Project’, Eku Energy, 30 June 2026.
