RES is pleased to announce Foresight Group (“Foresight”), the independent infrastructure and private equity investment manager, has acquired the Port of Tyne 35MW battery storage project.
This acquisition, using funds from Foresight ITS, is the largest of the National Grid’s Enhanced Frequency Response (“EFR”) battery storage projects to attract investment from an infrastructure investment manager in the UK. The project represents an exciting precedent and a valuable addition to Foresight’s considerable renewable energy capabilities, which have seen the group establish an operational portfolio of more than 80 solar PV projects and 28 Energy from Waste (EfW) projects with a collective generating capacity of more than 1GW, enough to power more than 600,000 UK homes with clean electricity. Osborne Clarke advised Foresight on the transaction.
The project at Port of Tyne was developed and will be constructed and operated by RES, one of the world’s leading independent renewable energy and energy storage developers. RES has a global energy storage portfolio totalling more than 175 MW (212 MWh) and providing multiple grid services.
Construction on the project will start immediately with full commissioning due in early 2018. The Port of Tyne project will deliver frequency response balancing services through an EFR contract and provide available capacity to the National Grid through a CM contract, positioning the project as an essential part of the National Grid’s move to a more flexible, low carbon energy network.
Dan Wells, Partner at Foresight commented:
“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. We are delighted to have worked alongside RES to reach financial close on this pioneering project which sets an exciting precedent for the integration of battery storage into the UK energy system. Foresight is proud to be at the forefront of investment in the significant transition now underway in our energy system, as we move towards an increasingly secure, low carbon electricity supply and greater network flexibility.”
Rachel Ruffle – RES Managing Director said:
“Energy storage has a crucial role to play in delivering a flexible electricity network to support the UK’s economic growth and enable more low cost, renewable energy to be used. 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.”