Foresight Group, an independent infrastructure and private equity investment manager that owns the Foresight Solar Fund, has acquired the 35 MW Port of Tyne battery storage project from Renewable Energy Systems (RES).
The lithium-ion battery project is one of the largest of its kind in the U.K., and is particularly attractive for Foresight Group because it has in place a 12-year capacity market contract and a four-year enhanced frequency response (EFR) contract.
The installation is poised to be commissioned in early 2018, and will serve to offer frequency response and balancing services to the National Grid, enabling greater flexibility and more low-carbon power generation on the country’s energy network.
RES is developing and constructing the project, while Foresight’s investment augments its clean energy footprint, which includes more than 80 solar PV plants in the U.K. alone. Combined with the Group’s Energy from Waste projects, Foresight can boast more than 1 GW of clean power capacity in the country.
“The acquisition consolidates Foresight's position as a leader in investing both in renewable energy generation and the flexible grid infrastructure required to accommodate increasing penetration of renewables, such as energy storage,” said Foresight partner Dan Wells.
RES MD Rachel Ruffle added that energy storage has a crucial role to play in helping the U.K. transition to a more flexible electricity network – a network that in turn will help support economic growth and usher in a more low-carbon future. “As a leader in the energy storage market RES prides itself in delivering projects that meet the needs of our clients and society. RES is proud to be working with Foresight, as it expands its infrastructure investments into energy storage. We look forward to building and operating a successful storage project at the Port of Tyne,” Ruffle concluded.
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