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JLEN Environmental Assets bolsters battery storage exposure and makes first investment into land-based aquaculture

JLEN Environmental Assets bolsters battery storage exposure and makes first investment into land-based aquaculture – JLEN Environmental Assets (JLEN) has made two new acquisitions including a 50% equity stake in Clayfords Energy Storage and a minority equity investment in a controlled environment aquaculture project.

Clayfords holds the development rights to construct a 50MW lithium-ion battery energy storage plant based in Buchan, Aberdeenshire, UK. The stake was acquired from Intelligent Land Investment Group and has been made alongside an investment by Foresight Solar Fund (FSFL). The acquisition will see JLEN invest up to £14.1m into the project which is fully consented, construction ready and expected to start commercial operations in Q4 2024.

The team says storage projects such as this one “provide vital support to the National Grid by reducing system imbalance and enhancing the grid’s ability to harness a greater level of intermittent renewables on the system”. The project will be connected to the Scottish Hydro Electric Power Distribution network and has a 49.9MW import and export connection.

This acquisition represents JLEN’s fifth investment into battery storage systems, adding to the two co-located batteries that it owns as part of its run-of-river hydro portfolio, as well as the standalone projects acquired in 2021 – the West Gourdie project located in Scotland and the Sandridge Battery project located in Wiltshire, England.

Meanwhile, JLEN has reached financial close on a minority equity investment in a project consisting of a land-based aquaculture facility to be built in Rjukan, Norway, using established recirculating aquaculture system technology. 

Partial operations are expected to start in 2024 with full operations expected in 2025, following which, the facility is forecasted to produce approximately 8,000 tonnes of trout annually. This will be sold to European and international salmonid markets via an offtake agreement with an established Norwegian seafood distribution company with global reach.

The facility uses waste heat from a nearby data centre and draws groundwater from a reservoir underneath the facility.

The equity will be made alongside other Foresight funds, as well as the developer and operator of the facility, Hima Seafood and JLEN’s total investment is expected to be up to approximately £40m over the next three to four years.

Commenting on the acquisition, Richard Ramsay, senior independent director of JLEN, said: “We are pleased to make our first investment into land-based aquaculture, contributing to the sustainable supply of trout to meet rising consumer demand. We consider that this investment will deliver environmental benefits to the food system and offer a product to suit today’s consumer needs.”

JLEN : JLEN Environmental Assets bolsters battery storage exposure and makes first investment into land-based aquaculture

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