Foresight Solar Fund Limited Acquisition of a 49.9 MW battery storage project (2452B)
September 30 2022 - 2:00AM
UK Regulatory
TIDMFSFL
RNS Number : 2452B
Foresight Solar Fund Limited
30 September 2022
30 September 2022
Foresight Solar Fund Limited
('Foresight Solar' or 'the Company')
Acquisition of a 49.9 MW battery storage project
Foresight Solar, a fund investing in a diversified portfolio of
ground-based solar PV and battery storage assets in the UK and
internationally, is pleased to announce the acquisition of a 50%
equity stake in Gigabox No 4 Limited ("Gigabox No 4") which holds
the development rights to construct a 49.9MW lithium-ion battery
energy storage plant in Angus, Scotland.
The investment has been made alongside JLEN Environmental Assets
Group Limited, which will also acquire a 50% equity stake, and the
acquisition will see the Company invest up to GBP16.4m from
existing cash balances. The project is fully consented and
construction-ready and is expected to start commercial operations
in early 2024. The project will be connected to Scottish Hydro
Electric Power Distribution plc's distribution network and has a
49.9MW import and export connection. The connection will be
initially for a capacity of 45MW, increasing to the full 49.9MW
capacity by early 2025.
This acquisition represents the Company's third investment into
battery storage systems ("BSS"), adding to the two standalone
batteries that the Company owns. Foresight Solar is currently
assessing an extensive pipeline of UK BSS opportunities that can
deliver further attractive returns to shareholders.
For further information, please contact:
Foresight Group
+44 (0)20 3911 2318
Nish Sivarajan
InstitutionalIR@ForesightGroup.eu
Jefferies International Limited
+44 (0)20 7029 8000
Neil Winward
Gaudi Le Roux
Citigate Dewe Rogerson
+44 (0)20 7638 9571
Toby Moore
Laura Banks
Lucy Gibbs
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END
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