4th May 2021 09:37
(Alliance News) - JLEN Environmental Assets Group Ltd on Tuesday announced the acquisition of a 50% equity stake in Sandridge Battery Storage Ltd.
Up to GBP12.7 million will be paid by JLEN for SBSL, which holds the development rights to construct the Sandridge Battery Storage project, a 50 megawatt lithium-ion battery energy storage plant based in Melksham in Wiltshire, UK.
The investment company focused on environmental infrastructure projects said it will invest up to GBP12.7 million over the next 12 to 18 months, with the plant expected to start commercial operations in October next year.
JLEN Chair Richard Morse said: "We are happy to announce JLEN's latest investment into the energy storage market which is our second grid-scale battery project and the fourth asset to be added to JLEN's portfolio of battery energy storage systems.
"We believe that assets such as these will provide a vital balancing mechanism to the grid that will aid in the rollout of intermittently generating renewable energy systems and play an important role in the decarbonisation agenda of the national grid."
The investment had been made alongside Foresight Solar Fund Ltd, JLEN said.
Shares in JLEN were 0.2% higher at 110.20 pence in London on Tuesday.
By Will Paige; [email protected]
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