NextEnergy Solar Fund, the specialist solar and energy storage climate impact fund with a combined installed power capacity of 865MW, is pleased to announce it has acquired the development rights, permits, and initial grid milestones for a 250MW portfolio of high-quality battery storage projects and grid connections. The strategic portfolio named 'Project Lion', located in the East of England, was acquired for a consideration of £32.5m and will increase the current announced standalone battery storage in NESF's joint venture partnership with Eelpower to 300MW.
Once constructed, the project will provide vital grid balancing services whilst harnessing excess electricity generation from wind at low import prices and then exporting electricity at times of low generation and high prices. The project has secured planning permission and grid connection rights.
The project provides a very attractive return profile for the Company's portfolio as battery storage is a highly complementary technology to solar photovoltaics, being uncorrelated and providing further diversification to the Company's portfolio from a technology, revenue and geographic perspective.
The project is a two-hour (500MWh) duration system and is expected to be energised in 2025, targeting an asset life of at least 50 years.
https://www.investegate.co.uk/nextenerg ... 00075699E/
Ian.