Infrastructure and private equity firm the Foresight Group has acquired the utility scale Port of Tyne 35MW battery storage project in the UK from Renewable Energy Systems (RES) for an undisclosed sum.
Foresight said the acquisition of the lithium-ion project, which RES will continue to develop and then operate, “is the largest of the National Grid’s enhanced frequency response battery storage projects to attract investment from an infrastructure investment manager in the UK”.
Foresight said on 21 June construction will start immediately with full commissioning due in early 2018.
The facility is backed by a four-year enhanced frequency response contract and a 12-year capacity market contract.
Partner at Foresight Dan Wells said: “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,” Wells said.
RES has a global energy storage portfolio totalling more than 175MW (212MWh) and provides “multiple grid services”.
