30th Sep 2022 10:43
(Alliance News) - JLEN Environmental Assets Group Ltd on Friday said it has bought a 50% equity stake Gigabox No 4 Ltd, which holds the development rights to construct a battery energy storage plant in Scotland.
Shares were up 4.8% at 117.80 pence each on Friday morning in London.
The environmental infrastructure investment fund said the 49.9 megawatts lithium-ion battery energy storage plant is based in Angus, Scotland, which represents its sixth investment into battery storage systems.
The acquisition will see JLEN invest up to GBP16.4 million, with construction ready to start in early 2024.
The project will be connected to the Scottish Hydro Electric Power Distribution PLC's distribution network and has a 49.9 megawatts import and export connection.
JLEN added that the connection will be initially with a capacity of 45 megawatts, increasing to the full capacity by early 2025.
Chair Ed Warner said: "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."
It said the investment has been made alongside Foresight Solar Fund Ltd, a fund investing in a diversified portfolio of ground-based solar PV and battery storage assets.
By Xindi Wei; [email protected]
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