Foresight Solar, JLEN invest in 49.9 MW battery project in Scotland
- Foresight Solar Fund Ltd (LON: FSFL) as well as JLEN Environmental Assets Group Ltd (LON: JLEN) have actually collectively gotten Gigabox No 4 Limited, an entity that holds the growth legal rights to create a 49.9-MW lithium-ion battery energy storage plant in Angus, Scotland.
Each of the two funds is spending approximately GBP 16.4 million (USD 17.7 m/EUR 18.3 m) in the joint project and taking 50% possession, the companies revealed in separate statements on Friday.
The project is fully consented and also shovel-ready and also is expected to get to commercial operations in very early 2024. It will certainly be linked to Scottish Hydro Electric Power Distribution plc's distribution network with a first capacity of 45 MW, increasing to the full 49.9 MW by early 2025.
The offer marks Foresight Solar's third financial investment into battery storage systems (BSS), contributing to both standalone batteries that the firm possesses.
For JLEN, it comes as the 6th BSS investment into battery storage systems. The company already possesses two co-located batteries as part of its run-of-river hydro portfolio, along with a further 3 standalone projects found in the UK.
Foresight Solar as well as JLEN currently have a well-established collaboration.
Both business in August in a comparable offer obtained the 50 MW Clayfords Energy Storage project in Scotland from Scottish energy storage designer Intelligent Land Investments Group (ILI Group).
In May 2021, both funds together purchased Sandridge Battery Storage Ltd, a 50-MW construction-ready energy storage project in the UK.
