Intelligent Land Investment Group has sold Foresight Solar Fund a 50% equity position in Clayfords Energy Storage Limited (CESL).
A 50MW lithium-ion battery energy storage facility will be built by CESL in Buchan, Aberdeenshire, the United Kingdom.
The corporation will contribute up to £14.1 million (€16.8 million) to the investment alongside JLEN Environmental Assets Group Limited, which will also acquire a 50% equity position.
The project is fully approved, ready for building, and anticipated to begin conducting business in Q4 2024.
CESL is Foresight’s second investment in standalone battery storage systems, following the May 2021 acquisition of the Sandridge Battery project in Wiltshire, England.
The business added that it would keep reviewing a robust pipeline of battery storage projects, such to CESL, that help the National Grid by lowering system imbalance and improving the grid’s capacity to integrate more intermittent renewable energy sources into the system.