19th Oct 2026 16:05
(Alliance News) - Foresight Group Holdings Ltd on Monday announced that Foresight Energy Infrastructure Partners II SCSp, known as FEIP II, made a "significant" investment in Gilkes Energy's Earba pumped storage hydro project.
The investment manager said Earba is a 1.8 gigawatt, or 40 gigawatts per hour, long-duration energy storage project in the Scottish Highlands and one of the largest pumped storage hydro projects currently under development in the UK.
FEIP II is an energy transition fund managed by Foresight Group LLP, which in turn is managed by Foresight Group Holdings Ltd.
Foresight Group Holdings expects the project to generate "significant" economic activity during its construction and operation. The firm added that the project on average generates electricity to power over 1.4 million UK homes.
Foresight Group Holdings said: "This investment will provide capital and long-term support to advance the next phase of the project as it progresses towards construction and delivery. The investment will also support detailed engineering, procurement, site investigations and preparations for construction."
It added: "Earba is the largest PSH project included in Ofgem's Minded-to Decision in terms of both installed capacity and stored energy, underlining its strategic importance to the future UK electricity system. Ofgem is expected to publish its final decisions for the first LDES cap and floor window in autumn 2026."
Carl Crompton, managing director of Gilkes Energy, said: "We are delighted to welcome Foresight as a strategic investor in the Earba PSH project. Their long-term approach to infrastructure investment and experience across the energy transition sector make them an excellent partner for this nationally significant project."
He added: "Earba is widely recognised as one of the most economically viable and deliverable LDES projects, and has the potential to make a major contribution to the UK's energy security and net-zero ambitions.
"Foresight's investment provides further momentum as we progress the project towards construction and continue to work with our delivery partners to bring this transformational infrastructure project forward."
Foresight Group shares were 0.3% lower at 444.50 pence each on Monday afternoon in London.
By Tom Budszus, Alliance News slot editor
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