NextEnergy Solar Fund Acquires 250 MW Battery Storage Portfolio in UK

Guernsey-based leading investment company NextEnergy Solar Fund Ltd has announced that the company has purchased a 250 megawatt (MW) diversified portfolio of battery storage projects and grid connections. The portfolio lies in east of England in United Kingdom. NextEnergy Solar Fund is an asset manager in the solar energy sector.

As per the announcement, NextEnergy Solar Fund acquired the portfolio for £32.5 million. NextEnergy Solar Fund had created a joint venture with Eelpower in September. The new acquisition increases the portfolio of the firms to 300 MW.

NextEnergy Solar Fund termed the purchase of the rights as a ‘key milestone’ which steps up the company’s participation in the UK battery storage market.

‘Project Lion’

The storage and grid project is called ‘Project Lion’, which is a two-hour duration system at 500 MWh.  The project is expected to be energised in 2025. It will have an asset life of 50 years.

After construction, the storage and grid project offers vital grid balancing services. In this case, the project will harness excess wind turbines generated electricity at low import prices and export the same at high prices during low power generation. The project already has permissions for planning and rights for the grid connection.

NextEnergy said that post energisation, the RE project will speed up the United Kingdom’s energy independence besides swelling up the renewable energy expansion in the island country.

Michael Bonte-Friedheim, Chief Executive Officer, NextEnergy, said, “The project will provide crucial grid balancing services for a congested area in the UK, helping manage the ebbs and flows of renewable energy generation and nationwide demand for electricity. For NESF, it is a site that adds to its burgeoning exposure to UK battery storage, a sector where we, as the investment advisor, see enormous growth potential with synergies to NESF’s current solar portfolio. We look forward to constructing this project by 2025 and to operating it for decades into the future.”