LONDON, UK: Foresight Solar, a fund investing in a diversified portfolio of ground-based solar PV and battery storage assets in the UK and internationally, announced the acquisition of a 50% equity stake in Gigabox No 4 Limited, which holds the development rights to construct a 49.9MW lithium-ion battery energy storage plant in Angus, Scotland.
The investment has been made alongside JLEN Environmental Assets Group Limited, which will also acquire a 50% equity stake, and the acquisition will see the Company invest up to £16.4m from existing cash balances. The project is fully consented and construction-ready and is expected to start commercial operations in early 2024.
The project will be connected to Scottish Hydro Electric Power Distribution plc’s distribution network and has a 49.9MW import and export connection. The connection will be initially for a capacity of 45MW, increasing to the full 49.9MW capacity by early 2025.
This acquisition represents the Company’s third investment into battery storage systems (“BSS”), adding to the two standalone batteries that the Company owns.
Foresight Solar is currently assessing an extensive pipeline of UK BSS opportunities that can deliver further attractive returns to shareholders.