Foresight Solar, JLEN invest in 49.9 MW battery project in Scotland

Foresight Solar Fund Ltd (LON:FSFL) and JLEN Environmental Assets Group Ltd (LON:JLEN) have jointly acquired Gigabox No 4 Limited, an entity that holds the development rights to construct a 49.9-MW lithium-ion battery energy storage plant in Angus, Scotland.

Each of the two funds is investing up to GBP 16.4 million (USD 17.7m/EUR 18.3m) in the joint project and taking 50% ownership, the companies announced in separate statements on Friday.

The project is fully consented and shovel-ready and is expected to reach commercial operations in early 2024. It will be connected to Scottish Hydro Electric Power Distribution plc's distribution network with an initial capacity of 45 MW, increasing to the full 49.9 MW by early 2025.

The deal marks Foresight Solar’s third investment into battery storage systems (BSS), adding to the two standalone batteries that the company owns.

For JLEN, it comes as the sixth BSS investment into battery storage systems. The company already owns two co-located batteries as part of its run-of-river hydro portfolio, as well as a further three standalone projects located in the UK.

Foresight Solar and JLEN already have a well-established partnership.

The two companies in August in a similar deal acquired the 50 MW Clayfords Energy Storage project in Scotland from Scottish energy storage developer Intelligent Land Investments Group (ILI Group).

In May 2021, the two funds together bought Sandridge Battery Storage Ltd, a 50-MW construction-ready energy storage project in the UK.

(GBP 1 = USD 1.085/EUR 1.118)

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