Fund manager Catalyst Capital has acquired a site to build a 100-MW battery in Yorkshire, northern England, in the first of a series of planned deals under a GBP-300-million (USD 406.1m/EUR 358.9m) strategy to develop diversified UK battery energy storage systems (BESS) facilities.
Through Catalyst Energy Storage Platform (CESP), the European real asset investment and fund management firm has bought the leasehold interest in a brownfield site at the former Skelton Grange power station from renewable energy developer Referent. Planning permission was received in 2021.
The construction tendering process is managed by CESP‘s engineering adviser, Fitchner, with plans to bring the facility online in the final quarter of this year.
The acquisition at Skelton comes on the heels of a joint venture deal with Dowling LLP in Southampton for a 50-MW facility to be switched on in February. Catalyst said it is currently in talks with investors to jointly fund the expansion of the battery storage platform.
"This portfolio will give our investors the opportunity to invest into a scalable market with high ESG credentials in the renewables sector. Although the sector is still in evolution, it is quickly gaining institutional status, while delivering very healthy cash-on-cash returns in the interim," Catalyst Capital partner Kean Hird said.
(GBP 1 = USD 1.354/EUR 1.196)
Choose your newsletter by Renewables Now. Join for free!