Foresight acquires 50% stake in UK battery project
- Clayfords Energy Storage Limited holds the advancement rights to 50MW lithium-ion storage plant in Scotland
Foresight Solar Fund has actually acquired a 50% equity stake in Clayfords Energy Storage Limited (CESL) from Intelligent Land Investment Group.
CESL holds the development rights to create a 50MW lithium-ion battery energy storage plant based in Buchan, Aberdeenshire, UK.
The investment has been made together with JLEN Environmental Assets Group Limited, which will also acquire a 50% equity stake, and also will certainly see the firm spend up to ₤ 14.1 m (EUR16.8 m).
The project is totally consented and also construction-ready and is expected to begin commercial operations in Q4 2024.
CESL represents Foresight's second investment right into standalone battery storage systems, contributing to the Sandridge Battery project in Wiltshire, England, which was acquired in May 2021.
On top of that, the firm claimed it would certainly remain to examine a solid pipeline of battery storage projects, similar to CESL, that supply assistance to the National Grid by lowering system discrepancy as well as enhancing the grid's ability to harness a better degree of intermittent renewables on the system
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