JLEN has acquired 100% of an equity stake in Gigabox South Road Limited (GSRL), a company which holds the development rights to construct the 50MW West Gourdie project.
The company is to invest up to £12.2 million over the next 12-15 months in the lithium-ion battery energy storage asset located in Dundee. The project is fully consented and construction ready, and is expected to reach energisation and start commercial operations in March 2022.
West Gourdie will have a 49.9MW import and export connection, with the project to provide stability to the local network through either direct provision of balancing services to National Grid ESO or by reducing volatility on the system via wholesale trading in the wholesale power markets and/or the Balancing Mechanism.
It marks JLEN’s third investment into battery storage systems, adding to the two co-located batteries the company owns as part of its run-of-river hydro portfolio.
Richard Morse, chairman of JLEN, said the company believes that plans such as West Gourdie will “play an important role in the decarbonisation agenda”, adding the investment should “offer additional returns over time as it is structured to take advantage of increased market volatility as intermittent renewable generation facilities play a greater part in supplying green electricity to the nation”.
In 2019, the Foresight Group acquired JLEN’s advisory mandate, propelling Foresight’s assets under management to £4 billion. The agreement saw Foresight take on JLEN’s portfolio of 28 operational assets located in the UK and Europe, with this portfolio compristing of waste management and renewable generation assets – including solar.