JLEN Environmental Assets (JLEN) and Foresight Solar (FSFL) have announced the acquisition of Gigabox No 4 Limited, which holds the development rights to construct a 49.9MW lithium-ion battery energy storage plant based in Angus, Scotland. Both parties are taking a 50% equity stake in the project which will see each of them invest up to £16.4m.
The project is fully consented and construction ready and is expected to start commercial operations in early 2024. The plant will be connected to the Scottish Hydro Electric Power Distribution plc’s distribution network and has a 49.9MW import and export connection. The connection will be initially with a capacity of 45MW, increasing to the full 49.9MW capacity by early 2025.
This acquisition represents JLEN’s sixth investment into battery storage systems, adding to two co-located batteries that the Company owns as part of its run-of-river hydro portfolio, as well as a further three standalone projects located in the UK. Similarly, it represents FSFL’s third investment into battery storage systems, adding to the two standalone batteries that it already owns.
FSFL says that it is currently assessing an extensive pipeline of UK battery storage opportunities.
Comments from Ed Warner, chair of JLEN
“We are pleased to add another battery project to the JLEN portfolio, building the scale of our battery portfolio and leveraging the experience and expertise we have in this sector. We believe that projects such as these will be a vital tool in helping to balance demand on the local electricity network and will become increasingly important over the long-term as more renewable energy infrastructure comes onto the grid.”