Bluefield Solar gets 80MW BESS for ₤ 4.5 million
- London-listed solar and storage financier Bluefield Solar Income Fund has actually acquired 2 40MW battery energy storage system (BESS) projects for ₤ 4.5 million (US$ 5.7 million).
Bluefield Solar has purchased the development rights, grid connection as well as leasehold for the two standalone projects from Green Hedge Energy UK, an energy storage developer.
Building on the sites, which are in Derbyshire and Worcestershire, is anticipated to start this year. Both are fully consented as well as benefit from near-term grid connections, Bluefield stated in today's (May 23) announcement.
John Rennocks, chairman of Bluefield Solar, commented: "Energy storage has a vital role in supporting the decarbonisation of the electricity system in Great Britain. As soon as functional, it is meant the assets will certainly have the ability to join a variety of valuable solutions to sustain the grid and also to enable the Business to more diversify its revenue streams."
Bluefield Solar Income Fund introduced in 2013 yet just began to diversify into energy storage last year. It started with the acquisition of colocated site in Lincolnshire in August followed by a 20MW standalone project in Liverpool in February this year, as covered by Energy-Storage. news' sister site Solar Power Portal.
All three storage bargains by Bluefield have actually been project rights acquisitions with a 2022 building and construction date. February's acquisition from Shaw-Energi equated to a price/MW of ₤ 75,000 (US$ 95,000) while today's offer is available in slightly reduced at ₤ 56,250 (US$ 70,000).
Talking at Solar Media's Energy Storage Summit 2022 in London in February, Bluefield Partners' investment supervisor Jan Libicek stated there was an increasing focus in the market in the direction of standalone storage, although colocation would always have the benefit of reducing capex (Bluefield Partners is the financial investment consultant to the Bluefield Solar Income Fund).
Figures from Solar Media's UK Battery Storage Projects Database show that the proportion of the UK energy storage market that is colocated is mosting likely to enhance over time based on the advancement pipeline. Less than 10% of functional BESS is coupled with wind or solar compared to a fifth of the 38GW pipe.