Foresight Solar Fund takes battery stake
- Deal marks company's very first storage space investment adhering to investor approval to alter in financial investment policy
Foresight Solar Fund has gotten a 50% equity risk in a 50MW grid battery project alongside the Sandridge solar park in the UK, possessed by the fund.
The purchase of a shareholding in Sandridge Battery Storage space Limited notes Foresight Solar Fund's initial investment into battery storage space following the adjustment to its investment plan which was accepted by shareholders in February 2021.
The deal will certainly stand for a complete investment of as much as ₤ 12.7 m (including building and construction expenses) and also will be funded using the Foresight Solar Fund's existing revolving credit facilities.
The investment has been made together with JLEN Environmental Assets Group Limited (JLEN) which will also get a 50% equity risk.
The Sandridge battery storage project is totally consented and also construction all set and will certainly be attached to Southern Electric Power Distribution's circulation network and has a 49.9 MW import and export connection.
The circulation network point of connection will be shown to the Sandridge solar park currently in operation.
The sharing of grid connection framework will certainly not have an unfavorable effect on the Sandridge solar park or its operations.
Energisation and also commercial procedures are scheduled to begin in October 2022.
The battery will supply frequency management (Dynamic Containment and various other frequency solutions in the future), supply/demand management through Balancing Mechanism, volatility decrease and also load-shifting via wholesale trading, and provision of capability for peak need through Capacity Market.
The fund has actually also secured a ₤ 25m extension of the revolving credit center provided by NatWest, on identical margins as the original center.
The revolving credit center expansion will certainly grow on 31 March 2022.
Following this expansion, Foresight Solar Fund's overall revolving credit facilities will certainly represent ₤ 130m, of which ₤ 47m stays undrawn.
The expansion of the revolving credit center will certainly give the fund with "extra versatility to go after further investments right into solar and also battery storage systems in the UK and internationally".
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