British infrastructure fund JLEN Environmental Assets Group Ltd (LON:JLEN) today said it has acquired a 50% interest in a company that owns the development rights for a 50-MW energy storage project in Scotland’s Aberdeenshire.
The interest in Clayfords Energy Storage Ltd was acquired from Intelligent Land Investment Group for up to GBP 14.1 million (USD 16.9m/EUR 16.5m). The investment was made alongside Foresight Solar Fund Ltd, a unit of the fund’s manager Foresight Group, the buyer said.
The lithium-ion battery is planned to be installed in Buchan and will be connected to the Scottish Hydro Electric Power Distribution plc's distribution network. Once in operation in the last quarter of 2024, it will provide grid support services and help enhance the stability of the electricity network.
The project is fully permitted and ready for construction. Its acquisition represents JLEN’s fifth battery storage purchase and is the fund’s third grid-scale battery project.
Formerly known as John Laing Environmental Fund, JLEN has a portfolio of 37 assets in onshore wind, solar, hydropower, waste and bioenergy as well as anaerobic digestion and battery storage. The plants are located across the UK, France, Spain and Sweden and have a combined capacity of roughly 360 MW.
(GBP 1.0 = USD 1.201/EUR 1.174)
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